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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.

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.

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.

[RELATED: Didn’t file taxes? Here’s how you can get your stimulus check faster and electronically]

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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