Economic Impact Payments: What to expect

economic impact payment

Many Americans are eligible for Economic Impact Payments (EIPs) as part of coronavirus tax relief efforts.

On Friday, April 10, the Internal Revenue Service issued 75 million economic impact payments by direct deposit to qualified Americans with the funds to be available in accounts on April 15. Additional electronic payments will be released throughout April.

These payments are based on 2018 and 2019 tax filings. Recipients of Social Security/Disability or Railroad Benefits also will receive their EIPs electronically regardless of whether they’ve filed tax returns in 2018 and 2019. Other individuals who did not file for electronic returns for 2018 or 2019 filings will not receive direct deposit payments via ACH. Instead, these qualified individuals will receive payment by check in the mail in
the coming weeks.

For some qualified individuals, EIPs will be available in accounts on April 15.

“Based on what we are being told, receiving a payment on April 15 is based partly on whether the individual filed for electronic returns in 2018 or 2019 tax return filings,” explained David Murphy, VP of Finance & Risk at Marshfield Medical Center Credit Union (MMCCU). “To help, the IRS has launched a website to help address questions about EIP (which can be found here).

If the IRS does not have a qualified individual’s ACH information, they will send the payment via check in the mail. Those who did not file taxes in 2018 or 2019 and are wanting to register for electronic payment can do so on the IRS’s website.

News Desk
Author: News Desk

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