How to Get Your Coronavirus Economic Relief Payment Sooner

Since Friday, April 10th, millions of Americans have checked their bank accounts and seen that their economic impact payment was successfully deposited by the Treasury Dept. & Internal Revenue Service (IRS) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The pace of direct deposits has picked up substantially this week, while paper checks will start going out via mail next week to the lowest-income Americans first.

How do I get my coronavirus relief payment sooner?

• The fastest way for the IRS to deliver the coronavirus relief payments to the more than 80% of American households which are eligible is through direct deposit.
• If you filed tax returns in 2018 and/or 2019 and provided direct deposit information, the economic impact payment will be deposited soon if it hasn’t been already.
• If you filed tax returns in those years but haven’t provided direct deposit information to the IRS, you can go to the IRS’ “Get My Payment” tool to provide direct deposit information or update your mailing address if you’d prefer a paper check.
• If you aren’t typically required to file tax returns, you can use the IRS’ tool for non-filers to set up direct deposit.

What information will I need to set up direct deposit?

• To set up direct deposit, you will need to provide a valid checking account number and routing number. You can find these on the bottom of a paper check for your checking account. 
• Typically, a nine digit routing number appears in the first group of numbers, followed by your checking account number in the second group of numbers. Sometimes those numbers may appear in a different sequence, so if you’re unsure about which number is which you can contact your banking institution to double-check them.
• To verify your identity in the system, you’ll need to provide the IRS with your Social Security Number, street address, zip code, and date of birth.
• In addition to the above, non-filers will need to set up an account with an email address and phone number, input their filing status (single or married filing jointly) and whether they can claim a dependent, and driver’s license information (if you have one).

How can I track my coronavirus relief ?

• Depending on your tax filing status, you can use either the “Get My Payment” tool for tax-filers or the corresponding tool for non-filers to check the status of your payment.

To learn more about the economic impact payments under the CARES Act, including eligibility details, click here.

— Eric Revell

(Photo Credit: iStock.com / Sergii Zysko)