The IRS announced Wednesday the launch of its “Get My Payment” website, which permits taxpayers to check on the date they can expect to receive their economic impact payment and update their direct deposit information (IR-2020-72). It is similar to the “Where’s My Refund?” website that allows taxpayers to check the status of their refund after they have filed a tax return seeking a refund.
Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L.116-136, eligible individuals will receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child. The payments phase out for individuals with adjusted gross income over $150,000 for married taxpayers filing jointly, $112,500 for taxpayers who file as head of household, and $75,000 for other individuals. The IRS announced that an initial round of 80 million economic impact payments were hitting bank accounts this weekend and into next week.
The IRS says that the “Get My Payment” website will allow people to provide their direct deposit bank account information if they did not use direct deposit on their last tax return, so they can receive their payment more quickly as well as find out when to expect the payments. However, it is unclear how well the site is working because during the course of the day on Wednesday many users reported on social media that the site was giving them an error message that said "Payment Status Not Available ... we cannot determine your eligibility for payment at this time."
Last Friday, the IRS announced the launch of its website for nonfilers to enter their information to get the payments, which is discussed here.
— Sally P. Schreiber, J.D., (Sally.Schreiber@aicpa-cima.com) is a JofA senior editor.