It’s important to wait if you do not have an IRS direct deposit
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After six months of political haggling, the federal government will send most Americans a second pandemic-related incentive payment.
The fastest way to get that money? Direct deposit says the IRS.
“Direct deposit is the safest and fastest way to get a payment including a tax refund,” according to the IRS.gov website on Economic Impact Payments.
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According to legislation approved by Congress late Monday and sent for signature to President Donald Trump, adults earning less than $ 75,000 a year in 2019 would receive $ 600, as would any dependent child, with lesser amounts for those who were up to 87,000 Earn USD.
Treasury Secretary Steve Mnuchin told CNBC on Monday that the first payments could be made early next week. Those who have already set up a direct deposit for tax refunds should be among the first to see the money hit their accounts.
“If you received a direct deposit of your refund based on your 2019 tax return, the IRS sent your payment to the bank account listed on your most recent tax return,” the IRS website said regarding the first round of economic recovery payments in May .
You will have to wait for a check in the mail if the IRS doesn’t have banking details for you or if the bank account you have on file with the agency has been closed or if the account information provided is incorrect, among other things.
There is currently no way to set up a direct deposit specifically for the next economic stimulus payments if you have not yet received a tax refund this way or if you are not among the 14 million people who previously registered payment details through two online tools called the IRS built this spring to collect banking and contact information from non-filters.
If you haven’t received your first stimulus payment since May, you can check the status using the IRS Get My Payment tool at https://www.irs.gov/coronavirus/get-my-payment.
For the status of the $ 600 payments and whether you will receive them by direct deposit, the IRS recommends checking IRS.gov for further updates once the $ 908 million stimulus deal is officially incorporated into law and operational is.