Utah (ABC4 News) – The first phase of stimulus checks rolled out to Americans via direct deposit this week, according to the the Internal Revenue Service. Another round of electronic payments are supposed to arrive sometime in the next two weeks.
Those receiving electronic payments have previously given the IRS their bank account information. If an individual has already done their 2019 taxes and anticipate a refund into a current bank account, then no other action needs to be taken. The same can be said for those who haven’t filed their 2019 taxes, but did file their 2018 taxes and received a refund the IRS will deposit a stimulus check into the bank account on file.
However, there are a few exceptions.
What if my banking information isn’t current?
Currently the only way to update your banking info with the IRS is to file your 2019 taxes. If you’re receiving a refund you can provide your current direct deposit details.
What if I didn’t receive a refund on my 2018 or 2019 taxes?
Typically most tax prepares are not presented with an option to enter your banking info. If a balance was due, the IRS will mail a paper stimulus check to the address on your most recent return.
Update April 26, 2020: The IRS has made some significant updates to it’s website, many individuals were reporting to have received a “No Information Available” response when checking on their stimulus check. If you previously weren’t able to get information or enter your banking information, maybe try logging in again. Some people who did not get a refund check may even be able to provide the IRS with direct deposit information for faster stimulus payment arrival.
The IRS is urging anyone who has yet to file either their 2018 or 2019 taxes and is required to do so as soon as possible. This will give an individual the opportunity to elect a direct deposit refund (if they’re getting a refund). The IRS says this is fastest way for a person to receive their stimulus payment. If a person doesn’t anticipate a refund, they’re still encouraged to file so the IRS their most current information.
What if I’m not required to file taxes and aren’t receiving Social Security income?
The Treasury Department and the IRS has created a new tool for non-filers to register with their information to receive the Economic Impact Payments.
In addition the Internal Revenue Service has partnered with Turbo Tax to help those who aren’t required to file tax returns with access to an online portal where they can provide their banking information to the IRS an ensure the direct deposit arrives to the appropriate account. An individual can also select to receive their a paper stimulus check as well.
The Internal Revenue Service currently plans to begin mailing paper checks around April 24.