IRS Issues EIP FAQs as Direct Deposits Begin Moving

IRS Issues EIP FAQs as Direct Deposits Begin Moving

The IRS has announced that the third round of economic impact payments will begin reaching Americans this week, with some direct deposit payments arriving as soon as this past weekend.

“Additional batches of payments will be sent in the coming weeks by direct deposit and through the mail as a check or debit card. The vast majority of these payments will be by direct deposit,” the IRS said. “Some Americans may see the direct deposit payments as pending or as provisional payments in their accounts before the official payment date of March 17.”

The IRS added that it would update its Get My Payment tool for consumers to check the status of their EIPs starting on Monday. While individuals who have not filed a 2019 or 2020 tax return will be eligible to claim their EIPs on a newly filed tax return, the Get My Payment portal will only provide status updates for those who filed in 2019 or 2020 direct deposit. The IRS also issued FAQs for consumers that cover EIP amounts, eligibility, and payment status

Source: https://bankingjournal.aba.com/2021/03/irs-issues-eip-faqs-as-direct-deposits-begin-moving/