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April 16, 2020

IRS Launches Online Tool for Economic Impact Payments

U.S. taxpayers can now take advantage of the new online IRS Economic Impact Payment Tool.

As the U.S. Treasury Department prepares for the distribution of the Economic Impact Payments (“EIP”) to U.S. taxpayers, the IRS unveiled the “Get My Payment” feature on its website.

This online IRS Economic Impact Payment Tool allows taxpayers to check the projected date of EIP and add their direct deposit information. If you are not required to file tax returns, you can also register for the EIP through this tool.

The information required is as follows:
  • Track the status of the EIP

    • Social Security Number

    • Date of birth

    • Mailing address used on the tax return

  • Add direct deposit bank account information

    • Adjusted Gross income from the most recent tax return (2019 or 2018)

    • Refund or amount owed from the above tax return

    • Bank account type, account and routing numbers

Note: The web tool does not allow taxpayers to update the bank account information after the EIP has been scheduled for delivery.  It also does not allow changes to the bank account information already on file with the IRS in order to protect against potential fraud.

  • Register for EIP for Non-tax return filers

    • Full name, current mailing address, and e-mail address

    • Date of birth

    • Social Security Number

    • Bank account number, type and routing number

    • Identity Protection personal identification Number (IP PIN), if you have one

    • Driver’s license or state-issued ID, if you have one

    • For each qualifying child: name, SSN, and their relationship to you or your spouse.

Most people are not required to take any action.  Utilizing this new tool can expedite the receipt of EIP if the bank information is not on the IRS records or you have not filed tax returns.

We Are Here to Help

You can read more about the U.S. CARES Act: Economic Impact Payments on our blog here.

If you are unclear if this new EIP tool applies to you, please contact your Manning Elliott tax advisor.

The above content is believed to be accurate as of the date of posting. U.S. tax laws are complex and are subject to frequent changes. Professional tax advice should be sought before implementing any tax planning. Manning Elliott LLP cannot accept any liability for the tax consequences that may result from acting based on the information contained herein.