$1,200 Stimulus Checks are finally here. April 12th 2020 stimulus check update and the NEW IRS portal for instant payments. In this video I discuss: - talk about what to make of those who claim to have already received their stimulus checks - go over the IRS portal for non-filers as well as the anticipated Get My Pa
What is going on in welcome to the market Scouts. If you haven't received your stimulus payment quite yet, don't fret. But I do have an urgent message for you here today, an update from the IRS that you absolutely cannot miss before we get into it, if you're brand new here, don't forget to subscribe to the channel so you don't miss any of these critical updates.
And if you found this video helpful. By the end of it. Don't forget to like the video now if you aren't aware. I posted a video yesterday which was giving a complete walkthrough of the brand new IRS web based portal, which they'd been talking about for weeks. It finally came available yesterday, and the initial intention was that people would be able to submit their information and set up a direct deposit in order to receive their funds quicker.
We did the math a few videos back, and for anyone who doesn't have direct deposits set up for their tax returns. Could it be waiting as long as September to receive their check in the mail, which is just far too long for the majority of us. And so this web based portal was supposed to be that fix, but it turns out as of yesterday, and doing the walk through the portal is really just designed for low income people who needed to file a 2018 or 2019 tax return as well as any sort of social security earnings benefits, disability looking to claim a dependent.
They, however, when filling out the form did have a chance to enter their banking information. But what about the rest of us? What if we've already filed our tax returns, but we just want to be able to submit our bank information so we can get our money instantly? Well, today I'm breaking down the solution for you.
Okay, so there was a press release that mentioned the IRS launching a get my payment web app sometime in next week. And I'm going to be reading to you guys the details directly off the treasury site right here. So listen very closely. This is going to explain exactly how you can get your money as quickly as possible.
So first things first, the us department of treasury and IRS will launch the get my payment web application sometime next week, and it's going to be available irs.gov. Nowhere else. Just hire us.gov this is going to allow taxpayers who did file their 2018 and 2019 tax returns, but didn't submit any sort of direct deposit banking information.
This will be your opportunity to give them that info and receive your money instantly. Once you have provided your banking information, they will get their economic impact payments in their bank accounts quickly. It says instead of waiting for a check to arrive in the mail. Get my payment. We'll also allow tax payers to track their payment status, which is awesome because I know there's a lot of scams going on right now and uncertainty of when you're going to be getting your payments, which isn't helpful at all.
So here it says you'll be able to track it, which is great to see. So the get my payment app, of course, it's online. You can do it on desktop, mobile, tablet doesn't matter, and it does not need to be downloaded anywhere. So if you're being told to download it, that is not it. Once again, it's at irs.gov. In order to track the status, however, you are going to have to submit some certain information.
Of course, like your social security number, date of birth, mailing address, yada, yada. Just the basic information. Now afterwards, they'll listen closely. This is very, very important. So taxpayers who want to add their bank account information to speed their receipt of payment need to provide the following information.
The first thing on the list is the adjusted gross income from their most recent tax return, either 2019 or 2018 if you don't know where to find this information, it's on your 10 80 form. Second page, line seven, it is your AGI or your adjusted gross income. That is where you can find it. You are going to need to get this number.
Next thing on the list is the refund or amount owed from their last filed tax return. You're going to need that information as well. That should be pretty easy to find. And then finally, your bank account type account and routing number, obviously to set up the direct deposit, the tray, it even says right here, the treasury and the IRS.
Highly encouraged taxpayers to collect this information. Now, so the second that this portal is available, you can do it as quickly as possible because I'm assuming there are millions upon millions of people that are going to be trying to do this on the first day. So gather your information right now so you're ready to enter it.
Now it does say again. So for Americans who didn't file a 2018 or 2019 tax return and would like to receive their stimulus payment, you still need to go . The original IRS portal, which I did a walkthrough yesterday. If you'd like to check out that video as well. I'll have it linked up here and into the description real quickly.
I'm going to give you a summary of the timeline so far. So what we know, I know some people have been saying they're already receiving this payment, which it's hard to tell if they're lying or not, but. Um, I wouldn't be surprised if some people have already begun receiving it. However, what we do know is a lot of direct deposits, roughly 60 million or so should be going out sometime next week.
We've been told April 15th multiple times, so I would highly recommend that every single day this next week or so, check your bank account until you know you've received payments for the rest of us. However, we do know that a mailing is set to go out starting in may with a cap rate of 5 million mailed each week.
So of course that's going to extend the period over a couple months for when you can expect to receive your check in the mail, if you'd like a more in depth stimulus timeline. I made a video to that as well. Finally though it does say that get my payment cannot update bank account information after the economic impact payment has been scheduled for delivery to help protect against potential fraud.
The tool also does not allow people to change bank account information already on file with the IRS. If you don't know, there's a bunch of scammers going on right now either sending stuff in the mail or fishy links, whether it's. Through social media or emails or whatever it is saying, click here to fill out your portal information and get your payment.
Now, um, it is, if it is not from the irs.gov site, I would not trust any of these links. I wouldn't click on any of them. I know these people are getting really good, so it looks super official, but just please be wary. And it does appear that the IRS is aware of the amount of scammers, so they are trying to put some protections in place for you, which is great.
Now the IRS does not initiate contact with taxpayers by email, text messages, or social media channels to request personal or financial information. There you go. If you're, if you are being contacted in any way through any of these platforms by the IRS, it is not them. So please avoid it at all costs.
Other than that. That is basically what you can expect. Collect your information as soon as possible right now so you can fill out this portal the second it goes live. I will of course keep you guys updated, so don't forget to subscribe and turn post notifications on. Don't fall for any scams at the moments and of course if you did file your tax returns and direct deposit would set up.
You guys are still good to go. Nothing more is needed on your end. Just keep checking your bank accounts to see when you finally get that payment. Other than that, I want to thank you guys for watching. Don't forget to subscribe to the channel and like the video.