DENVER -- The first wave of Economic Impact Payments arrived in the bank accounts of many Americans Wednesday, but the IRS web portal crashed as frustrated taxpayers tried to get answers.
The IRS says by the end of the week, over 80 million economic relief payments will be distributed to taxpayers.
As news of the payments spread, taxpayers went to the IRS “get my payment” web tool looking for information on their payment.
The site quickly became overwhelmed while others simply got a “could not determine your status” notification.
The IRS says they just launched the web tool Wednesday and are working to fix bugs.
Individuals earning less than $75,000 a year will receive at $1,200 Economic Impact Payment. Couples earning less than $150,000 will get $2,400. An additional $500 will be giving for each child under 16. Higher earners will receive a prorated check but the payments phase out for individuals making more than $99,000 and couples earning more than $198,000.
The Tax Policy Center estimates as many as 10 million Americans may miss out on receiving a stimulus check.
Kelly Wagoner with Get Ahead Colorado says this is mainly because those individuals don’t file a tax return.
“There are a lot of Americans who are not required to file taxes so they are not in the tax system and the IRS is relying on information in their current tax system to determine who is eligible and where to send the payments,” Wagoner said. “Then we have to think about people who don’t have a permanent address, who are unbanked.”
The IRS has provided a web tool for those who don’t file a tax return so they can receive a payment.
Wagoner says there is good reason to file a return if you haven’t in the past. About 25% of Coloradans are not taking advantage of the Earned Income Tax Credit.
“It’s cash back and for 2019 the amount was up to $6,557, so it’s a significant amount of cash,” Wagoner said.
You can find resources on filing your taxes by going to getmyrefundcolorado.org.
Those on social security will get a check and don’t have to file return unless they have dependents under the age of 17. Their payments will be delivered the same way as their social security benefit.
If the stimulus went to an old bank account no longer in use, the IRS says your bank will reject the deposit. The IRS will issue a paper check and send it to the address on file.
The IRS based the payments on 2018 or 2019 tax returns.
Right now, they do not have a way for taxpayers to dispute the amount, and calling the IRS has been impossible with many of their call centers shut down due to the coronavirus pandemic.
IRS agents are waiting for guidance on how to deal with discrepancies.
You try contact the IRS by calling 1-800-829-1040 or looking for answers on their website.
