Tell Non-Filing Residents about IRS Economic Impact Payment Tool
Even residents who don’t file tax returns can still receive their economic impact payments. As a result of the hardships presented by the coronavirus, economic impact payments are still being issued by the Internal Revenue Service (IRS). While most people have received their payment automatically, some non-filing residents need to take action and submit their information to the IRS. These residents don’t typically have a tax return filing requirement because they have very low incomes. But many in this group are still eligible to receive an economic impact payment.
According to the IRS, there are roughly nine million Americans who typically don’t file federal income tax returns who may be eligible for, but have not registered to claim, an economic impact payment. The IRS urges non-filers to register using the free non-filers tool. This online tool was designed for eligible people who aren’t normally required to file a tax return. Usually, this means people with incomes:
- Below $24,400 for married couples; or
- Below $12,200 for singles.
People can qualify for a payment, even if they don’t have earned income or work. Usually, married couples qualify to receive a $2,400 payment while others normally qualify to receive $1,200. Eligible individuals will receive up to an additional $500 for each qualifying child. The online tool can be found at www.irs.gov/coronavirus/non-filers-enter-payment-info-here.
Registration Deadline
The registration deadline for non-filers to claim an economic impact payment through the non-filers tool is Oct. 15, 2020. If registered by Oct. 15, a non-filer can receive her payment by the end of the year. People can also wait until next year and claim it as a credit on their 2020 federal income tax return by filing in 2021.
Using the Enter Payment Info Tool
For those who aren’t required to file a tax return, the process is simple and takes only a few minutes. First the individual would visit IRS.gov, and click “Non-Filers: Enter Payment Info Here.” Then provide basic information including Social Security number, name, address, and qualifying children.
The IRS will use this information to confirm eligibility, calculate, and send an economic impact payment. No tax will be due as a result of receiving the payment. Entering bank or financial account information will allow the IRS to quickly deposit the payment directly in a savings or checking account. Otherwise, the payment will be mailed.