The Internal Revenue Service (IRS) has stated it will set up a simple web portal for Americans in the coming days so people can provide their direct deposit information for stimulus money.
The web portal will allow Americans to confirm their banking information so stimulus money can be sent directly to their checking account.
The IRS said the web portal is still not available as of April 7. However, the IRS coronavirus page will provide information about this web portal as soon as it becomes available.
HERE’S WHAT YOU NEED TO KNOW:
175 million Americans are set to receive funds ‘this week or next’ if they have direct deposit set up
Those who have always received their tax refunds by mail might have to wait months to receive their stimulus checks-which is why many Americans are likely wondering when the IRS web portal will be available, Larry Kudlow, director of the U.S. National Economic Council said.
Once the portal is ready, it will be the only way to immediately update your IRS account with direct deposit information and therefore the only way to switch one’s stimulus check payment delivery from mail to direct deposit.
-Millions of Americans should receive their stimulus money through direct deposit. This applies to Americans who have previously provided their banking information to the IRS for the direct deposit of tax returns.
-Checks for earners of $20,000 or less should be in the mail.
-Checks for earners of $30,000 or less should be in the mail.
-Checks for earners of $40,000 or less should be in the mail.
The IRS said this process will continue each week in the same patterns, sending stimulus checks out in the mail through increments of $10,000.
-Checks for earners of $50,000 or less should be in the mail.
-Checks for earners of $60,000 or less should be in the mail.
-Checks for earners of $70,000 or less should be in the mail.
For joint taxpayers earning $198,000, you can expect your stimulus check to be issued in September.