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IRS: Direct-deposit deadline for stimulus check is Wednesday

IRS demands families return stimulus checks sent to dead relatives
Posted at 4:10 PM, May 12, 2020
and last updated 2020-05-12 23:24:25-04

KANSAS CITY, Mo. — Those who still are waiting for their stimulus payment from the federal government have until Wednesday to receive the money directly into their bank accounts.

The IRS said direct deposit information will need to be submitted on its website via the agency's "Get My Payment" tool.

If an individual does not meet the deadline and the IRS does not have direct deposit information, the agency said it still will send the payment through the mail in the form of a paper check. These checks are anticipated to arrive late May into June.

"We're working hard to get more payments quickly to taxpayers," IRS Commissioner Chuck Rettig said in a written statement. "We want people to visit 'Get My Payment' before the noon Wednesday deadline so they can provide their direct deposit information. Time is running out for a chance to get these payments several weeks earlier through direct deposit."

Citizens earning less than $75,000 in individual adjusted gross income are generally eligible for a $1,200 relief payment. Individuals earning more might be eligible for a partial payment. Eligible retirees and recipients of Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits, Supplemental Security Income (SSI) and VA Compensation and Pension (C&P) will receive a payment.

The payments are based off of tax returns from 2019 or 2018. The IRS said most individuals will receive payments automatically.

Initially, the IRS said people who didn’t file a tax return in 2018 or 2019 would have to fill out a form, requesting an Economic Impact Payment, but that guidance has changed.

Social Security recipients and those who receive disability, survivor benefits, supplemental security income, railroad retirement benefits and/or veterans benefits should automatically receive a stimulus payment, even if they don’t make enough money to file a tax return.

However, such individuals may need to use the IRS non-filer tool for Economic Impact Payments related to minor children dependents in certain circumstances.

Anyone who didn’t file a tax return in 2018 or 2019 and doesn’t receive the federal benefits listed above will have to register on the IRS website to receive a payment.