Treasury Announces Website For Economic Impact Payment
The Treasury Department has announced a new website where those who do not formally file taxes or receive Social Security benefits can securely transmit their banking information to the federal government in order to receive the Economic Impact Payment being made to Americans.
Michigan residents who receive Social Security, Railroad Retirement, or SSDI benefits DO NOT need to use the website. The IRS will automatically send payments to them.
The same applies to those who have already filed their 2019 federal tax return as well as those who made more than $12,200 and will be filing tax returns for 2019.
Michigan residents can go to the site for more information.
The payments are part of the CARES Act that passed the House of Representatives and was signed into law on March 27.
Congressman John Moolenaar supported the CARES Act and made the following statement on the new site:
"This site will provide a way for those who do not normally file taxes or receive Social Security benefits to sign up and make sure they receive their $1,200 as quickly as possible. This is a difficult time for many Michigan residents and I know this payment will help make it a little easier for them."
The Economic Impact Payment is $1,200 per person, $2,400 for married couples, with a $500 per child credit. The amount of the payment decreases in phases for individuals making more than $75,000 and couples making more than $150,000.
Media outlets have reported that the first payments are expected to be made by direct deposit as early as April 15. Payments by paper check are expected to take longer.