/

COVID-19 IRS Updates

/

IRS Allowing Direct Deposit for Stimulus Payments

1 Min Read

IRS Allowing Direct Deposit for Stimulus Payments

By

on

The Coronavirus Aid, Relief, and Economic Security Act, more commonly known as the CARES Act, was passed in congress in late March in an effort to stimulate the economy during the Coronavirus pandemic.

As part of the $2 trillion stimulus plan, many Americans are able to qualify for a direct payment that is meant to help alleviate financial hardship. No action is needed in order to receive the stimulus check if you qualify.

However, if you have not filed your taxes with the IRS — either in 2018 or in 2019 — you will need to set up direct deposit in order to receive your payment as soon as possible.

In order to facilitate the distribution of payments, the IRS has made it easy to enter your payment information directly on the IRS website in order to set up direct deposit and receive your stimulus package as soon as possible.

You should use this application if:

  • You did not file a 2018 or 2019 federal income tax return because your gross income was under $12,200 ($24,400 for married couples). This includes people who had no income.
  • You weren’t required to file a 2018 or 2019 federal income tax return for other reasons

If you receive these benefits, the IRS already has your information and you will receive $1,200.

If you receive social security, retirement, disability or survivor benefits, you are already in the system and do not need to input your information.

To input your payment information for direct deposit, use the application on the IRS website here!

Legal Disclaimer

Tickmark, Inc. and its affiliates do not provide legal, tax or accounting advice. The information provided on this website does not, and is not intended to, constitute legal, tax or accounting advice or recommendations. All information prepared on this site is for informational purposes only, and should not be relied on for legal, tax or accounting advice. You should consult your own legal, tax or accounting advisors before engaging in any transaction. The content on this website is provided “as is;” no representations are made that the content is error-free.

Was this post helpful?
Yes, thanks!
Not really
Thank you for your feedback
Oops! Something went wrong while submitting the form.
Did you know business owners can spend over 100 hours filing taxes?
Yes
No
Is this article answering your questions?
Yes
No
Are you filing your own taxes?
Yes
No
How is your work-life balance?
Good
Bad
Do you do your own bookkeeping?
Yes
No
Is your firm falling behind during the busy season?
Yes
No
Product control
Yes
No
Did you know business owners can spend over 100 hours filing taxes?
Yes
No
Is this article answering your questions?
Yes
No
Are you filing your own taxes?
Yes
No
How is your work-life balance?
Good
Bad
Do you do your own bookkeeping?
Yes
No
Is your firm falling behind during the busy season?
Yes
No
Product v1
Yes
No
Did you know business owners can spend over 100 hours filing taxes?
Yes
No
Is this article answering your questions?
Yes
No
Are you filing your own taxes?
Yes
No
How is your work-life balance?
Good
Bad
Do you do your own bookkeeping?
Yes
No
Is your firm falling behind during the busy season?
Yes
No
Product v1
Yes
No

published

April 14, 2020

in

Will Sahatdjian

Read

by this author

Share this article