The situation is not entirely clear, and there are some facts that you should be aware of. While most people don’t need to register to get a, you also have little control over how the IRS will make your payment and when.
That can be frustrating when you check your bank account for a new deposit from your, if you are not sure (here is ) and whether you should keep an eye on your email for a or . To help, the so you can check the status of your payment. We’ll help you stay on top of what you need to know. This story has been updated with new information.
Who will receive incentive vouchers for direct deposit today?
The IRS isand the US Treasury is cutting payments. They are now going out to people who have already filed a direct deposit with the IRS. There is currently no way to register your information if you are not already registered with the IRS. That means if the IRS doesn’t already have your bank details to hand, you probably have one or , but both methods can take much longer (more on this below). However, you can using the Get Payment tool.
Here’s how the IRS would have gotten your bank information for the second check:
- Your last tax return filed if you received a direct deposit refund in 2019.
- If you have registered your bank details for the first check through the IRS ‘Get My Payment online tool.
- You have provided bank details through the Non-Filers: Enter Payment Details Here tool if you don’t normally file taxes.
- From another federal agency that grants benefits to you, such as the Social Security Administration, Veterans Affairs, or the Railroad Retirement Board.
read more: Everything we know about one.
The January 15th deadline for stimulus check and why direct deposit is important
January 15 is the closing date for the congress in thewhen the IRS and the US Treasury should stop , via direct deposit and post.
Anyone who doesn’t get a second stimulus check sorted by that date should take the extra step of claiming it as a, presumably with exceptions for humans .
That means the timing to get paid would vary wildly depending on when you can complete your taxes and how quickly the IRS would process your tax return. For example, people who apply in February can receive their second incentive money for months before those who apply in April. It is not clear whether applying for a tax extension would further slow things down.
Can you apply for a second incentive check by direct deposit?
With the first round, the IRS had people enter their direct deposit information using an online tool as a way to potentially get their payment faster. In fact, the IRS encouraged it, setting a May 13 deadline for new submissions. For the second check, the IRS will not allow you to provide your bank information, if the agency does not already have it, or change it if the direct deposit information that the IRS has has it out of date.
Can I change or correct my bank details for direct deposit?
With the first stimulus checks, you could use the Get My Payment and Non-Filers tools to provide the IRS with your bank information. However, the IRS had said it doesn’t allow people to change the direct deposit information for an incentive payment it has recorded. This is a protection against fraud.
With the new checks, the IRS does not accept new or changed bank information. If the IRS tries to make a payment into the now-closed bank account, the financial institution must return the payment to the IRS, the agency says. The IRS is looking at options to correct these payments and said that if you haven’t received your full payment by the time you file your 2020 tax return, you can claim it as a chargeback discount on your tax return.
If you’ve moved, you can provide the IRS with.
Is it necessary to have a bank account to use direct deposit?
According to the Urban Institute, people with bank accounts and direct deposits (who are disproportionately white) were more likely to get their first stimulus check in late May than people who identify as black, Hispanic, or were below the poverty line. This was directly linked to groups who were more likely to have bank accounts and who had submitted that information to the IRS to facilitate tax returns for direct deposits.
Bank of America, JPMorgan Chase, Wells Fargo, and several other major banks are now offering more affordable check-free bank accounts as part of a program to make it easier for people to get bank accounts.
What information does the IRS need to set up a new direct deposit account?
Although the IRS will not accept new bank details for the second check through the Get My Payment tool, if it does, you should have your bank account type and routing and account numbers ready. There are several ways to find this bank information.
Banking website: Your bank’s website may show your routing and account numbers. Log in to the account you want to use and find the numbers you need.
Banking 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 most likely see three sets of numbers: The first set of nine numbers is your routing number. The second set of 8 to 12 digits is your account number. The third set is the one you don’t need for direct deposit as it is the individual check number.
Check out this IRS page for more help finding your routing and account numbers.
For more information on the checks, here’s howand everything you need to know now.