IRS FAQ’s for “Economic Impact Payments” Updated on “Get My Payment” Website
Go to the recently updated IRS web page “Get My Payment Frequently Asked Questions” which provides information about the payment of the economic impact payment (EIP) under the Coronavirus Aid, Relief, and Economic Security Act.
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds.
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child under the age of 17 as of the end of 2020.
The IRS has set up the Get My Payment Tool that: (a) shows taxpayers either their EIP amount and the scheduled delivery date of the EIP by direct deposit or paper check, or that a payment has not been scheduled; and (b) allows taxpayers who did not use direct deposit on their last filed tax return to provide their direct deposit information which will speed their receipt of their EIP.
…If you filed your 2018 or 2019 tax return and it has been processed, you can check the Get My Payment website for the status of your economic impact payment.
The status of a payment is either: (a) that it has been processed; (b) a payment date is available; (c) payment is to be sent either by direct deposit or mail; or (d) you are eligible for an EIP, but a payment has not been processed and a payment date is not available.
…If spouses filed jointly, either spouse can use Get My Payment by providing his or her own information for the security questions used to verify identity.
…Depending on your specific circumstances, it may not be possible for you to access Get My Payment if you usually do not file a tax return. If your identity cannot be verified when answering the required security questions, you will not be able to use Get My Payment.
…If you bank account/direct deposit information has changed since you last filed an income tax return, you might be able to use Get My Payment to update it. Get My Payment cannot update direct deposit bank account information after an economic impact payment has been scheduled for delivery. To help protect against potential fraud, Get My Payment also does not allow people to change direct deposit bank account information already on file with the IRS. However, people who did not use direct deposit on their last tax return to receive a non-EIP-related refund, or if their direct deposit information was inaccurate and resulted in a non-EIP-related refund check being mailed, will be able to provide direct deposit information via Get My Payment.
…If you elected to split your EIP between several accounts, you cannot use Get My Payment to designate which account to have your payment deposited in. The IRS will deposit the payment to the first bank account that you listed on Form 8888, Allocation of Refund.
…If your direct deposit is rejected, your EIP will be mailed to the address that the IRS has on file for you.