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Instant Deposit and Your Incentive Check: How to Prepare for Another Payment Now



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Get ready in case there is another round of incentive payments. Sarah Tew / CNET

The fastest way to get a second stimulus check if and when Congress approves one, is probably by direct deposit into your bank account. We know that people who had provided the IRS with all of their bank details – either through their tax returns or by signing up with a new tool developed specifically for Spring's stimulus check – were more likely to receive their first stimulus check faster than people who have received a paper check or EIP card by mail .

The IRS also has a lineup for people who don't normally file taxes and need to file a claim online. For example, there are several groups of people who have until November 21 to file a claim with the IRS for their first payment .

With President Donald Trump completing his term and President-elect Joe Biden preparing for his term starting next year There is a lot in motion in Washington, including movement second round of incentive checks as part of ] another economic rescue law .

While another round of payments is still talk, you can prepare for the possibility that Congress will pass a second incentive check and ensure that you receive your future payment as soon as possible by providing the IRS with your direct deposit information. Here's what to do if you haven't already set up a direct deposit with the IRS. (And here's who may not be eligible for a new check .)


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How did the IRS get my bank information for the first check?

For the first round of payment, the IRS used direct deposit information from one of the following:

  • Your most recently filed tax return if you received a direct deposit refund in 2018 or 2019.
  • The bank details you provided through the Get My Payment online tool.
  • The bank details you provided via the Non-Filers: enter payment details in tool here.

Will the IRS use the same information for a second round of surveillance?

For a second check, the IRS could again use bank information provided through a federal tax return. An IRS spokesperson told CNET that bank details captured through the Get My Payment and Non-Filers tools were specific to the initial check, so the reuse of information entered through those IRS tools depends on the guidelines set by Congress. set out in another economic bailout law for direct deposit payments.

Read more : Sorry, not everyone gets a second incentive payment. What We Know So Far

What Does the IRS Need to Set Up Direct Deposit?

When it comes time to provide the IRS with your bank information, have your bank account type and routing and account on hand. numbers. There are several ways to find this bank information.

Bank website : Your bank website may display your routing and account numbers. Log in to the account you want to use and search around for the numbers you need.

Bank App : If your bank has an app, it can show you your account and routing numbers. In the app, tap the account you want to use to see the account and routing numbers.

Printed Check : At the bottom of your check, you will likely see three sets of numbers: the first set of nine numbers is your routing number. The second series of 8 to 12 numbers is your account number. The third set is the one you don't need for direct deposit as it is the number of the individual check.

Check out this IRS page for more help finding your routing and account numbers.

Can You Change or Correct Your Banking Information with the IRS?

While you could use the Get My Payment and Non-Filers tools to provide the IRS with your bank information, the IRS has said it doesn't allow people to change the direct deposit information for an incentive payment on file. This is a protection against fraud.

The IRS said if your bank details have been changed or incorrect or if the bank account is closed, the bank will refuse the deposit and the federal office will mail the payment to the address it registered. For assistance, you can call the IRS phone number at (800) 829-1040. For specific questions about incentive payments, you can call the IRS helpline at (800) 919-9835.

If you have moved, you can give the IRS your new mailing address .

Will the IRS have a deadline to provide bank details?

For the initial check, the IRS set a May 13 deadline to provide the agency with your bank details – this was about a month after the initial direct deposits were made. If you missed the deadline, you received your check when you paid by mail or as a prepaid debit card . Expect a similar close if Congress approves a second payment.

For more information on incentive checks, here is where to negotiate for the next incentive package, 10 facts and myths to know about the next payment, and four possible dates ] for when the IRS could send the next check and who might get it first.


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