Starting Next Week, Americans Can Give IRS Deposit Info to Get Stimulus Check Faster

April 10, 2020by Sarah D. Wire, Los Angeles Times (TNS)
Maybe stimulus money can help you buy groceries, pay for medicine, be able to pay some bills while you're temporarily out of work, writes Susan Tompor. But As helpful as the money will be for many people, though, it's not making everyone happy. (Dreamstime/TNS)

WASHINGTON — As soon as next week, Americans will be able to provide the Internal Revenue Service with direct deposit information so they can receive their stimulus checks of up to $1,200, Treasury Secretary Steven Mnuchin told House Democrats in a call Wednesday evening.

Soon after Congress passed the $2 trillion economic stimulus bill last month, the IRS said it was working on an online portal that would allow taxpayers, once verified, to find out the status of their checks and, if necessary, to provide their banking information for direct deposit. Initially, it wasn’t expected to be done until the end of April.

The payouts of up to $1,200 can be deposited directly within days once the IRS receives the needed bank information, Mnuchin has said.

Mnuchin spoke to House Democratic Caucus members in a closed conference call Wednesday. Democrats on the House Ways and Means Committee also said the portal could be available the week of April 13 in a memo obtained by the Los Angeles Times.

The Treasury Department would not confirm the April 13 timeline Thursday.

According to the committee memo, the Treasury Department and the IRS initially estimated there would be 171 million rebate payments made through the economic stimulus bill and 101 million of these payments would have to be paid by paper check unless the IRS received direct deposit information for these payments before a paper check was mailed.

For those who already have direct deposit information on file with the IRS from their 2018 or 2019 return, the payments are expected to begin next week.

The new Where’s My Economic Impact Payment portal is expected to be similar to the Where’s My Refund portal that taxpayers can use to track the status of their federal tax refund.

There are two other options for providing the IRS with direct deposit information. File a 2019 tax return, or for those who don’t normally earn enough to file taxes, the IRS is creating a short tax form that asks just a handful of questions including name, Social Security number and dependents and deposit information.

The IRS could begin sending printed checks to those it does not have direct deposit information for by the end of April, according to the memo. The IRS can print up to 5 million checks a week, and it could take months to deliver mailed checks.

———

©2020 Los Angeles Times

Distributed by Tribune Content Agency, LLC.

Economy

Tester, IAVA Detail Economic and Emotional Toll Coronavirus Taking On U.S. Veterans
Veterans
Tester, IAVA Detail Economic and Emotional Toll Coronavirus Taking On U.S. Veterans
June 4, 2020
by Gaspard Le Dem

As the U.S. struggles to fight off a lingering coronavirus pandemic, the full impact of the crisis on the lives of Americans is just starting to come into view. But for the veteran community -- as for many other groups -- the crisis has already taken... Read More

New Poll Finds More Than 1-in-3 Willing to Sue Employer Over COVID-19
Opinion Polls
New Poll Finds More Than 1-in-3 Willing to Sue Employer Over COVID-19
June 2, 2020
by Dan McCue

WASHINGTON - A new survey has found that 36% of American workers would sue their employers if one of their co-workers contracted COVID-19 upon their return to work, and soon after contracted it themselves. Additionally, the latest "Back-to-Normal Barometer" survey conducted by Engagious, the Sports and... Read More

Restaurant Rich Charleston Offers Clues to Post-Pandemic Future of Industry
Business
Restaurant Rich Charleston Offers Clues to Post-Pandemic Future of Industry
June 1, 2020
by Dan McCue

CHARLESTON, S.C. - It wasn't exactly a typical Friday night in what could arguably be described as the "foodie district" of Charleston, South Carolina. But it was something of a barometer of how restaurants are fighting to come back from the coronavirus outbreak. Up and down... Read More

GM to Recall Most of its Hourly Workers
Employment
GM to Recall Most of its Hourly Workers

DETROIT — General Motors will have brought back most of its 48,000 hourly workforce in the United States starting next week. GM will resume production at its full-sized SUV plant as well as the plant that makes its Cadillac compact SUV on Monday. GM also said... Read More

Maritime Industry Asks Congress for Bailout During Coronavirus
Trade
Maritime Industry Asks Congress for Bailout During Coronavirus
June 1, 2020
by Tom Ramstack

WASHINGTON - Representatives of the U.S. maritime industry asked Congress for an emergency bailout Friday as they described how coronavirus is hurting ports and shippers. They are expecting their revenue to drop by as much as one-quarter below normal levels by mid-2020. Rep. Peter DeFazio, an... Read More

House Overwhelmingly Endorses Greater Flexibility for Small Business Aid Program
Congress
House Overwhelmingly Endorses Greater Flexibility for Small Business Aid Program
May 28, 2020
by Dan McCue

WASHINGTON - In an overwhelmingly bipartisan fashion, the House on Thursday passed legislation providing struggling small businesses with greater flexibility in using coronavirus relief loans. The bill, which amends the Paycheck Protection Program enacted in March, passed by a vote of 417-1. Introduced by Reps. Dean... Read More

News From The Well
scroll top