Did you check your bank account this morning to see if the IRS left you a surprise overnight?
In a Tweet yesterday evening, the IRS announced they were starting to deposit Economic Impact Payment into taxpayers’ accounts.
The Tweet read, “#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today. We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can. For #COVIDreliefIRS updates see: http://www.irs.gov/coronavirus”
The IRS had previously announced that payments will start being processed and will be available for those who typically file taxes beginning on Monday, April 13, 2020. If you filed a 2019 or 2018 tax return, you don’t need to do a thing. The IRS will send your payment using the information you provided on your return.
IRS deposits will continue in the days ahead, starting with people who have filed tax returns for 2018 or 2019 and authorized direct deposit. If you are an individuals who hasn’t filed returns, authorized direct deposits, or you receive Social Security, you will probably have to wait weeks or months before seeing your money. Paper checks won’t start being mailed until around May 4, at the rate of 5 million per week.
The IRS technically has until the end of 2020 to finish making the payments.