Treasury – IRS announces economic impact payments

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WASHINGTON, USA — The US Department of the Treasury and IRS announced that 159 million Economic Impact Payments, worth more than $267 billion, have been distributed to Americans in two months. Payments have been sent to all eligible Americans for whom the IRS has the necessary information to make a payment. These totals do not include the more than $2.5 billion that have been delivered to US territories for payment to territory residents.

“The Trump administration has delivered 159 million Economic Impact Payments worth more than $267 billion to Americans in record time,” said Secretary Steven T. Mnuchin. “These payments are an integral part of our commitment to providing much-needed relief to the American people during this unprecedented time.”

The last time a similar effort was undertaken, it took over two months to make 800,000 payments. Of the Economic Impact Payments, 120 million were sent to Americans by direct deposit, 35 million by check and 4 million payments were made in the form of a pre-paid debit cardFor EIP figures, click here.

Even with these unprecedented efforts, there are eligible Americans who still did not yet receive their payments, and need to take action.

Individuals who do not normally file taxes and have not received my Economic Impact Payment.

Individuals who do not normally file taxes and have not yet received their Economic Impact Payment should use the Non-Filers Tool. Americans who did not file a tax return in 2018 or 2019 can submit basic personal information to the IRS so that they can receive payments. This tool will remain available until October 15 and anyone who registers by October 15 will receive their payment by the end of the year. The Non-Filers Tool can be found here.

Individuals who do file taxes, and believe they are eligible for an Economic Impact Payment, but haven’t received one.

Individuals who do file taxes, and believe they are eligible for an Economic Impact Payment, but haven’t received one will be able to claim their payment when they file their 2020 tax return.

If you need the payment sooner, you may call the IRS Economic Impact Payment line at 800-919-9835. Call volumes are high, so call times may be longer than anticipated.

Individuals who think their Economic Impact Payment was incorrect.

Payment amounts vary based on income, filing status and family size. If you filed a 2019 tax return, the IRS used information from it about you, your spouse, your income, filing status and qualifying children to calculate the amount and issue your Payment. If you haven’t filed your 2019 return or it has not been processed yet, the IRS used the information from your 2018 return to calculate the amount and issue your Payment.

If you did not receive the full amount to which you are entitled, you will be able to claim the additional amount when you file your 2020 tax return.

Individuals who have dependents and did not receive the $500 per dependent

If you did not receive the full amount for a dependent to which you believe you are entitled, you will be able to claim the additional amount when you file your 2020 tax return.

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