(Updated April 15, 2020: The new tool is up. More info in this story here.)
Okay, I get it. I’m not brief. I’m a wordy girl. I like to be thorough. I’m a middle child and a lawyer: you do the math.
I recently posted about a new web tool from the Treasury and the Internal Revenue Service (IRS) that allows those who don’t usually file a tax return to register for Economic Impact Payments (EIPs, or stimulus checks). That tool, developed in partnership with the Free File Alliance, is available on IRS.gov. The tool is based on Free File Fillable Forms, part of the Free File Alliance’s offerings of free products on IRS.gov.
Again, that tool is for non-filers.
But what about folks who just want to provide their bank account information so they can receive their payment more quickly rather than waiting for a paper check?
I addressed that, too… but it was at the very bottom of the piece. Some of you didn’t make it that far (no worries, I get it).
To clarify, the IRS is building a second tool. That tool, Get My Payment, is expected to be available by April 17. It will:
- Provide you with the status of your payment, including the date your payment is scheduled to be deposited into your bank account or mailed; and
- Allow eligible taxpayers a chance to provide bank account information to receive payments more quickly rather than waiting for a paper check. This feature will be unavailable if the Economic Impact Payment has already been scheduled for delivery.
Entering bank or financial account information will allow the IRS to deposit your payment directly into your account. Otherwise, your payment will be mailed to you as a paper check.
Keep in mind that the payment is NOT taxable and will not affect your 2020 refund.
Checks will be distributed automatically to most people starting next week – though I’ve heard reports of payments already hitting bank accounts this week.
Eligible taxpayers who filed tax returns for 2019 or 2018 will receive the payments automatically. As I’ve previously reported, automatic payments will also go out shortly to those receiving Social Security retirement or disability benefits and Railroad Retirement benefits.
Things are happening at a rapid-fire pace these days. Keep checking back for details.