Corona virus payment

Forum|Forum|6 years ago
April 5, 2020
2 replies
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We paid our 2018 and 2019 federal taxes by debiting the payment from a bank account. Will this qualify us to get the coronavirus payment via direct deposit?

DianeC958

Level 12

No, the IRS is setting up a portal so you can give them your banking information to receive the Stimulus Payment as a direct deposit.

Currently this portal is not available.

You can check the IRS web site later this month to see if the portal is available.

@browndk26

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NCperson

Level 15

YES!!!!

since you had your payment due debited from your banking account, the IRS has that information and will use it to set you the stimulus money electronically

@DianeC958 - i don't understand your answer?????? are you suggesting that if you OWED taxes and had the IRS debit your account for the money due, they won't use that same information to CREDIT your account for the stimulus money??????

DianeC958

Level 12

That is correct, even though the IRS directly debited your account for the balance due on your return, to receive the Stimulus check directly deposited in your account, you need to provide them the information through the portal they are setting up, or wait to receive a check.

@browndk26

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NCperson

Level 15

@DianeC958 - can you please point me to the supporting documentation that supports your position?

this is what is stated at the IRS FAQ's - it NEVER states it will only use direct deposit information from your return and NOT direct debit information from your return. it just states it will use the bank information on your return

https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know

How will the IRS know where to send my payment?

The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, 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.