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Things you need to know about the Economic Impact Payments from the IRS April 13, 2020

You may have heard of the payments being referred to by many as stimulus payments, but the true name of the program is Economic Impact Payments. That is important to know if you are searching for more detailed information on the internet.
 
Much has been made of the timing of distribution of the impact payments with announcements that they would be starting on Friday the 10th. Given the volume that will be going out, the IRS is stating on their website that we should expect payments in April – leaving a broad window to get this done.
 
So, what does this mean?

  • If you filed taxes in 2018 or 2019 and have received refunds via direct deposit, you don’t need to do anything. This is also true for most seniors and retirees.
  • If you filed taxes in 2018 or 2019 and have received refunds via a check mailed to your address, you can update your mailing information or request a direct deposit using the Get My Payment link on the IRS website coming in mid-April.
    • If your address has not changed since your last filing and refund, you should receive your economic impact payment by check without taking any further action.
  • If you have not filed taxes in 2018 or 2019, please visit the IRS website and complete the non-filers: enter-payment info here form. Details on eligibility and instructions are included on this site.

 
Helpful hints:

  • If you have online or mobile banking and expect an impact payment, check the account you have set up to receive your direct deposit to see when it arrives. Please remember Forward Bank does not have an impact on when payment is scheduled to be received.
  • If you don’t already have online or mobile banking, enroll online today.
  • Please be patient with the IRS and their staff as they are working through this process while trying to keep their own families safe.
  • Only visit irs.gov for information on the economic impact payments. Do not complete forms on or from any other website or entity as they could be scams!
  • Do not provide bank account information to anyone via phone or email for the purpose of receiving the deposit of the impact payment. Use only the forms provided on the irs.gov coronavirus page.

 

(source:  www.irs.gov)

 

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