Internal Revenue Service Releases Tracking Tool For Stimulus Payments

Internal Revenue Service Releases Tracking Tool For Stimulus Payments

Your partner is a “bank bandit”: If the person you’re dating prefers to cash their checks and/or doesn’t utilize a bank account you may be dealing with what Aliche labels a “bank bandit.” “Some people are bank bandits and run from it ‘cause they owe overdraft fees or have judgments that will get deducted from their bank deposits,” she explains. “This may be a sign that someone is not very responsible with their finances.”

The Internal Revenue Service released a tool to help people track when they can expect the stimulus checks going out to help those in need.

According to CBS News, the tool, called Get My Payment, went live Wednesday on the IRS website. The tool allows consumers to check their payment status, confirm whether they prefer direct deposit or a paper check and enter their bank account information for direct deposit if the IRS doesn’t have it yet.

“We expect over 80 million hard-working Americans will get the direct deposit by this Wednesday,” Treasury Secretary Steven Mnuchin said.

Mnuchin added the first batch of checks, officially known as Economic Impact Payments, started hitting consumers’ accounts Saturday. However, many are still in the dark about when or if the payments are coming. For starters, the timing of the payments depends on whether the IRS has an individual’s direct-deposit information and income level.

Also, many users are already reporting issues with the tool. Many are reporting trouble using it to retrieve information and are receiving a message stating: “Payment status not available.”

Additionally, citizens will need either their 2019 or 2018 tax returns to complete the “Get My Payment” service, the IRS said. Taxpayers who have yet to file for either year but are required to file will have to file their 2019 return in order to receive the check.

Adults who earn less than $75,000 are due to receive $1,200 each, while married couples earning less than $150,000 will receive $2,400. Parents will also receive an extra $500 for every child they have under 18. However, adults who can be claimed as dependents, such as high school and college students, won’t receive a stimulus check. Nonresident aliens, or those without a green card, are also excluded from the payments.

The stimulus payments are part of the $2 trillion coronavirus relief package passed earlier this month. The payments are needed as more than 16 million American citizens have lost their job since the outbreak