Monday, April 13, 2020

Economic Impact Payments - When and How

4-13-2020 -  Millions of Americans are starting to see Economic Impact Payments deposited directly in their bank accounts. The U.S. Department of the Treasury and IRS expect tens of millions of Americans will receive their payments via direct deposit by Wednesday, April 15. These payments are being automatically issued to eligible 2019 or 2018 federal tax return filers who received a refund using direct deposit. Treasury and the IRS worked with unprecedented speed to get this fast and direct assistance to the American people. 

“We are pleased that many Americans are receiving their Economic Impact Payments,” said Secretary Steven T. Mnuchin. “This Administration is delivering fast and direct economic assistance to hardworking Americans, and we hope these payments will bring them much-needed relief.” 

This week, the IRS will launch a separate online application, “Get My Payment.” This FREE app allows taxpayers who filed their tax return in 2018 or 2019 but did not provide their banking information on their return to submit direct deposit information so they can receive payments immediately, as opposed to getting mailed checks which will start being distributed before the end of April. “Get My Payment” will also allow taxpayers to track the status of their payment. 

Treasury expects a large majority of eligible Americans will receive Economic Impact Payments within the next two weeks. 

Non-filers can get their payment faster by using the Non-Filers: Enter Payment Info Here’ web portal and entering their bank account information.

Also, eligible Social Security beneficiaries and railroad retirement recipients who did not file a tax return in 2018 and 2019 will be automatically sent their economic impact payments, primarily electronically.

Regardless of how you receive your payment, the IRS will send you a mailed letter to the most current address they have on file approximately 15 days after it sends your payment.

For more information about your Economic Impact Payment, please visit IRS.gov and Treasury.gov/CARES.

Source: US Department of the Treasury press release dated 4-13-2020

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>>> Please check out the article Survival 101: Stockpiling as a Preparedness Strategy on the Dystopian Survival website.
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