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The IRS is planning to create a new, online portal called “Where’s My Economic Impact Payment” where people can obtain details about their payment from the economic stimulus package and also provide their banking information.
After the CARES Act passed through Congress, Treasury and the IRS had estimated there would be 171 million rebate payments under the Act and that 101 million of these would have to be paid by paper check (through the mail) unless the IRS received direct deposit information for those recipients before the check was sent.
The Treasury Department is expected to take the first step on Friday, April 10th which involves clearing the payments that will be directly deposited. Banks expect a Treasury Department transmission Friday to confirm the money will reach the correct accounts. The IRS is meant to start processing the payments on Monday, April 13th and direct deposits would show up in recipients’ bank accounts on Wednesday.
As a refresher, the payments are up to $1,200 for individuals, $2,400 for couples and an extra $500 for children. Additional info can be found here.
For those who do not yet have direct deposit information on file with the IRS, there are three options to handle that before a paper check ends up in the mail:
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