Many Americans likely woke up to a $1,200 or $2,400 deposit from the Internal Revenue Service (IRS) this morning, but many more were likely wondering where their money is or when they can expect the deposit. A new tool, launched Wednesday by the IRS, answers that question.
The website allows Americans to track the payments and input their direct deposit information if they did not receive a tax return refund by direct deposit in the past two years. Many Americans opt for a refund by check and many owe taxes at the end of the year.
The IRS also launched a portal last week for individuals who haven’t filed a tax return — those with incomes below a certain threshold or recipients of certain government benefits, for example.
Congress passed the CARES Act late last month that included direct payments on top of small business loans and expanded unemployment benefits.
The plan included $1,200 in a one-time, direct payment for individuals and $2,400 for married couples, with $500 per child. That full amount is available for individuals making $75,000 or less in gross income and couples pulling in less than $150,000.
