Guidance to get banked and get bank account information to the IRS

 

*The IRS enhanced the Get My Payment online application to help taxpayers – read more about the enhancements here

The U.S. Department of the Treasury and the Internal Revenue Service have announced that the distribution of federal COVID-19 stimulus payments will begin over the next few weeks and will be distributed automatically, with no action required for most people.


Most people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.  For residents who have already filed their 2019 tax return, the IRS will use this information to calculate the payment amount. For those who have not yet filed their 2019 tax return, the IRS will use information from their 2018 tax filing to calculate the payment.

The economic impact payment will be deposited directly into the same banking account reflected on the return filed. For residents who have not yet filed their 2018 or 2019 taxes, doing so now will help expedite the receipt of the economic stimulus payment.

For residents who do not have an account with a bank or credit union, establishing an account with an insured financial institution will also expedite receipt of the economic stimulus payment.

*For individuals who don’t have a bank or credit union account on file with the IRS, the time to do so is now to avoid having to potentially wait months for a paper check. It is not too late for those who have never given their account information to the IRS. Nor is it too late for those who are unbanked to open a bank or credit union account and get the stimulus payment directly deposited into their account.

If you need to get your bank account information to the IRS so that you can get your stimulus payment directly deposited into your account (the safest and fastest option), please follow the steps below:

  • Step 1: Get your bank or credit union account number. If you don’t already have one, open a safe and affordable account online. Visit our list of local bank and credit union partners here. If you have questions or need more help about opening a bank account, contact Bank On Louisville at 502-574-1969 or email [email protected].
  • Step 2: Sign up with your bank account number at this IRS’ webpage:   https://www.irs.gov/coronavirus/economic-impact-payments and click on the “Get my payment” application.       

Use the "Get My Payment" application to:

  • Check your payment status
  • Confirm your payment type: direct deposit or check
  • Enter your bank account information for direct deposit if we don't have your direct deposit information and we haven't sent your payment yet
  • Update your mailing address

*Questions? Call 502-574-1969 or email [email protected].