Tax

TurboTax offers free tool to help Americans who don’t file taxes get stimulus payments

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Online tax preparation service TurboTax has launched a free stimulus registration website so that Americans who do not typically file tax returns can get their relief checks faster.

Millions of Americans are slated to get one-time government checks of up to $1,200 or $2,400, based on whether they are single or married, and are under certain income thresholds, $75,000 or $150,000. Qualifying dependents – children under 17 – are eligible for $500 payments.

For most individuals, whether they qualify will be based on their adjusted gross income on tax returns for 2019. If they have not submitted those returns yet, their 2018 information will be used.

However, as many as 10 million Americans do not file tax returns, often because they have little to no taxable income.

That leaves many at risk of either not receiving a stimulus payment on time or not receiving the money as quickly as other people.

TurboTax, which is owned by Intuit Inc., partnered with the IRS to create a stimulus registration product to make it easy for those people to fill out a simple tax return.

It includes questions to help determine whether or not you need to complete a tax return and assess eligibility for the relief funds. You can also choose whether you want to receive your stimulus funds by direct deposit to your bank account or via a mailed check.

Once you have completed the form, a notification is sent to you to confirm that the IRS received your information.

The product is free of charge.

According to a Congressional timeline, direct deposit checks will start being distributed in mid-April. Paper checks, however, will take much longer to get to people, as they won’t start sending those until May. At that point, about 5 million checks per week will be sent out. But some individuals may have to wait as long as five months to get their money…Read more>>

Source:-cnbc

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