The new TurboTax Stimulus Center was launched in partnership with the IRS to help people get their stimulus checks as quickly as possible.
Physical or social distancing is taking its toll on people’s mental and emotional well-being and the economy, but some relief is on the way. The U.S. government passed a coronavirus stimulus relief package—known at the CARES Act—on March 27, with a provision to send stimulus payments to eligible taxpayers within a few weeks in addition to legislation to help support small businesses.
Many people need to take no action in order to receive their stimulus checks—the IRS will use information from 2018 or 2019 tax returns to deliver payments to recent taxpayers—but as many as 10 million Americans were not required to file a tax return this year. These individuals may need to register with the IRS in order to receive their stimulus checks in a timely manner. Fortunately, TurboTax is now offering a free website to help people better understand what to expect from their stimulus checks.
The new TurboTax Stimulus Center was launched in partnership with the IRS to help individuals who were not required to file a tax return this year or last year receive their stimulus checks. The TurboTax stimulus portal features more than just the registration feature, though: It also has a stimulus check calculator where individuals can calculate if they qualify for a stimulus check and, if so, how much it is likely to be for.
It bears repeating that, according to the IRS, the vast majority of people need to do nothing in order to receive their stimulus checks: If you’ve filed a tax return for 2018 or 2019 and your direct deposit information has not changed, you should receive your check in a timely manner. For those who did not need to file returns, though, TurboTax’s stimulus portal offers free registration so those individuals can give the IRS current direct deposit or mailing info. (It’s strongly encouraged to provide direct deposit info in order to receive the money quicker.)
If you have already filed your 2019 taxes, you’re all set; if you have not, the IRS is able to use your 2018 return to send your stimulus check. Taxes are due in July this year, though, so now’s a good time as any to file: Just keep in mind that it is not necessary to file 2019 taxes at this point in order to receive your stimulus check, though TurboTax encourages doing so.
The vast majority of Americans are eligible to receive a stimulus check, though the timeline is still vague: It may yet be a few weeks before anyone receives the money. Still, understanding if you will receive one, having a sense of how much money you may get, and taking any necessary steps to register with the IRS (again, only if you did not need to file a tax return) will help you be prepared.