FACTS KNOWN TO DATE:
FACT: A prepaid debit card has an underlying bank account that acts like a savings not checking in that you can only spend what is in the account, deducts user fees and can be reloaded. Using the bank routing number and your "account" number at this sponsoring bank allows anyone like your employer/you/or the IRS to make deposits electronically.
FACT: If the routing/account number listed on the form 1040 that you filed in 2019 (or 2018 if 2019 is not yet filed) has the debit card information on it then that is where the stimulus check is scheduled to go when they are released automatically.
FACT: If your DD info is out of date for any reason the IRS will send a check instead automatically.
FACT: IF the IRS gets the PORTAL working in some way, taxpayers whose DD or mailing address is out of date will be able to update the info ... date this will be operational is still TBD.
FACT: TurboTax has partnered with the IRS to allow taxpayers who DO NOT NEED TO FILE a return to report the base minimum info to get a stimulus check. This system must ONLY be used for those who do not need to file ... those who are required to file a return CAN NOT use this option. Other tax programs are also working on this option to file a "simple" return that only has the taxpayer(s) name(s), address, dependents if any and the DD info if they have it.
FACT: For those who do not have a bank account they can buy a VISA debit card at the store for $5 to use for the DD ... you just just register the card with the same name/address as the primary taxpayer on the return.
FACT: If you choose to not use a prepaid debit card and choose to have the check mailed then if you need to update your address do so by mailing in the IRS form 8822 ASAP. https://www.irs.gov/pub/irs-pdf/f8822.pdf
FACT: If you are not required to file a return and you have SS benefits then you do NOT need to do anything to get the stimulus check now. BUT if you have dependents (under the age of 17) to list on a return then you can use the "simple" return option mentioned in the last fact to get the extra $500 now OR file a 2020 return later to capture this extra amount.
