2020-26: Economic impact payment direct deposit portal open - Spidell

2020-26: Economic impact payment direct deposit portal open

The IRS opened its direct deposit portal on its website this morning. By clicking on the “Get My Payment” button at www.irs.gov/coronavirus/economic-impact-payments, taxpayers can:

  • Enter their bank account information if they hadn’t previously requested direct deposit on a return, or if they want to update their information;
  • Confirm the payment type: direct deposit or check; and
  • Check their payment status.

Taxpayers wanting to add their bank account information to speed up the receipt of their payment must provide the following information:

  • Their AGI from their most recent tax return submitted, either 2019 or 2018;
  • The refund or amount owed from their latest filed tax return; and
  • Bank account type, account and routing numbers.

Comment: It appears that if a taxpayer does not qualify for a payment due to income level, after entering the requested information a message stating “Payment Status Not Available” and a link to information on eligibility rules will be displayed.

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