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The following is not meant to replace any legal or binding information from the IRS. Please do your own research.
ECONOMIC IMPACT PAYMENT
Latest update about release of payments
We are providing the following update about the disbursement of Economic Impact Payments (EIP), and IRS plans to distribute EIP stimulus payments directly to qualified taxpayers.
The issuance of payments directly from the IRS to taxpayers means that the IRS is the best source of information regarding the amount, timing and status of the EIP.
Taxpayers to begin receiving payments this week
The IRS has begun issuing payments to taxpayers with direct deposits, and the lowest income (AGI) taxpayers first. The IRS has indicated most payments will be received by April 15. They will issue payments weekly until payments are complete.
Direct Deposit -Taxpayers who utilized direct deposit will receive payment to the bank account used for the federal refund.
If a payment is returned to the IRS (Ex. bank account is closed), the IRS will mail a check to the taxpayer.
IRS-issued checks -Taxpayers who received their refund by Walmart MoneyCard, Walmart Direct2Cash or check will receive a check from the IRS mailed to the address indicated on the tax return. Because of the resource demand of printing checks and the time of mailing it will take longer for checks to arrive to taxpayers.
IRS releasing tools to help taxpayers
Last week the IRS and Treasury Department released the Non-Filers: Enter Payment Info tool for those who don’t normally file a tax return.
The IRS plans to release a Get My Payment tool by April 17 which will provide people with the status of their payment, including the date their payment is scheduled to be deposited into their bank account or mailed to them.
