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Check Your Bank Balance – You May Have Received Your Economic Impact Payment

The IRS confirmed in a tweet today that the first round of economic impact payments has been sent by direct deposit to individuals and families.

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The Economic Impact Payments are the $1,200 (or more) direct payments to individuals and families authorized by the CARES Act that passed two weeks ago.

The first wave of payments goes to taxpayers who filed 2018 or 2019 tax returns and provided their direct deposit bank information to receive refunds.

Yesterday, the IRS opened a new web portal for non-filers, those not required to file a tax return, to provide banking information for direct payments.

The agency will later this month provide another portal that allows those taxpayers that filed 2018 or 2019 tax returns but did not provide direct deposit information to give the IRS their banking information for a faster payment schedule.

Otherwise, the IRS will start sending out paper checks in about two to three weeks in weekly waves starting with the lowest income taxpayers.

The agency is also working with other federal agencies to identify individuals and families, such as retirees who receive social security checks by direct deposit, to collect banking information for the Economic Impact Payments.

This group may be at the end of the initial wave of direct deposit payments as the process appears to be ongoing. The belief is that it will take about two weeks to transmit all direct deposit payments before paper checks start flowing.


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