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Does the IRS Have Your Current Direct Deposit Information?

by | Apr 13, 2020 | Uncategorized | 0 comments

“My direct deposit information has changed, how do I tell the IRS so I get my COVID-19 stimulus payment quicker?” is a question I have been getting a lot recently … I have been hearing this almost as much as “I live off Social Security and don’t file tax returns, how can I tell the IRS my banking details so they can direct deposit my payment?”

What To Do If You Don’t File Taxes

For those individuals that do not file tax returns (generally those that make below a certain level of income or whose income is only Social Security payments), the IRS has created a way for them to provide direct deposit details so the coronavirus stimulus payments from the US Government are received quicker. Simply click into the IRS’ online portal and follow the prompts. If you know of someone that is in need of this but may not be internet savvy (or may not have internet access), please help them. Those that do not file tax returns are usually the most impoverished and financially vulnerable and are in the greatest need of these stimulus funds.

This service is only available to eligible U.S. citizens or permanent residents who:

  • Had gross income that did not exceed $12,200 ($24,400 for married couples) for 2019
  • Were not otherwise required to file a federal income tax return for 2019, and didn’t plan to

What To Do If Your Direct Deposit Info Has Changed

As of the publishing of this blog post the IRS has not yet rolled out their online portal to update direct deposit information that has changed since the filing of your last tax returns. The IRS announced the portal was to be open the “week of April 13” so it should be available this week. The best thing to do is (a) check the IRS website periodically, or (2) check back here, I will link to it as soon the IRS opens it up. Do NOT use the portal for “non-filers” I linked to in the previous section, that may actually delay your payment!