IRS starts to deposit Economic Impact Payments into bank accounts
IRS says it will try to issue payments as fast as possible
ORLANDO, Fla. – The IRS said it has begun depositing Economic Impact Payments into people’s bank accounts.
The money is coming from a $2.2 trillion coronavirus stimulus package to help people impacted by the coronavirus.
Next week, the IRS will launch a tool providing taxpayers the status of a payment.
The IRS said the tool will show a date when a payment is scheduled to be mailed or deposited.
As the first Economic Impact Payments start being issued, next week #IRS will launch a tool that provides taxpayers the status of a payment, including the date it’s scheduled to be deposited or mailed. https://t.co/dwDsBkf1Xr #COVIDreliefIRS https://t.co/qxxT9iTudb— IRS (@IRSnews) April 11, 2020
Millions of Americans should receive as much as $1,200 as the payouts begin.
“We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can,” IRS said in a statement.
If you filed tax returns in 2018 and 2019 no action is needed.
“The IRS is committed to helping you get your Economic Payment as soon as possible,” the IRS post on its website.
#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today. We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can. For #COVIDreliefIRS updates see: https://t.co/hEEWmgHA9V pic.twitter.com/2bSHOTjMAS— IRS (@IRSnews) April 11, 2020
Anyone who receives Social Security retirement benefits, social security disability insurance benefits or railroad retirement and survivor benefits should not fill out a form, according to the IRS.
Anyone who did not file taxes will have to provide information here to get the payment.
The IRS must print and mail paper checks to Americans who did not file taxes electronically. They should start receiving their checks after April 24, when about $30 million in paper checks are scheduled to be mailed out.
The IRS wants to remind people the deadline to file and pay federal income taxes was extended to July 15, 2020.
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