As part of the recent Coronavirus Aid, Relief and Economic Security (CARES) Act, several tax relief and economic stimulus efforts were included. For many Americans, this will be realized in the form of a one-time Economic Impact Payment from the IRS.
What is the Economic Impact Payment?
Many people refer to these Economic Impact Payments as “stimulus checks” or “stimulus payments.” Regardless of what you call them, the end result is the same: many Americans will receive a one-time payment from the government.
Who is eligible, and who is not eligible?
As with many of the recently-passed programs for COVID-19 relief, the details of this program have evolved rapidly. The IRS Economic Impact Payment Information Center has a great deal of information on program eligibility. Your eligibility and payment amount will depend on your income, filing status and other details.
Will the payment be direct deposited, or will I receive a check?
According to the IRS FAQs on this program, most people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to eligible people via direct deposit from their most recent income tax filing.
How do I know if my payment has been deposited?
As these payments begin being deposited across the country, we encourage you to monitor the arrival of your payment via online or mobile banking. Payments received via direct deposit are typically immediately viewable in these tools.
If needed, where do I provide the IRS with my payment information?
If the IRS does not have your direct deposit information, a new online portal will be available to collect this information. Find the links to the Non-Filer and Filer payment information portals on the IRS website at https://www.irs.gov/coronavirus/economic-impact-payments.
Remember, the IRS will not call, text or email you asking for personal or bank account information, nor will they contact you via social media. Also be very cautious of emails with attachments or links claiming to have special information about economic impact payments or refunds.