The Internal Revenue Service recently put out an update on Economic Impact Payments and how taxpayers should receive their payments. Quoting from the April 21, 2020 Tax Tip, "Most Economic Impact Payments are being sent automatically" . . .
The IRS is sending Economic Impact Payments to eligible individuals. Many taxpayers may be wondering how to get their payment as soon as possible. Most of them don’t have to do anything.
Most payments will be sent automatically.
Taxpayers who have filed their 2019 tax return and requested direct deposit of their refund, the IRS will use this information to calculate and send their payment. Those who didn’t provide direct deposit information or owed tax, can use the Get My Payment application to provide account information or a payment will be mailed. For those who haven’t filed their 2019 return, the IRS will use their 2018 tax return to figure and send the payment.
Filing a tax return now can help those required to file.
Any eligible taxpayer with a filing requirement who hasn’t filed their 2018 or 2019 return should file their 2019 tax return as soon as possible to receive their Economic Impact Payment. Taxpayers can use the Interactive Tax Assistant tool - Do I Need to File a Tax Return? - to determine if they're required to file a federal tax return or should file to receive a refund.
Filing electronically is a safe, secure and efficient way to file a 2019 tax returns. IRS Free File provides eligible taxpayers with online software to electronically file their tax return for free. This program is available only on IRS.gov and is for taxpayers who earned less than $69,000 in 2019. Taxpayers should include direct deposit banking information for their refund when they file.
Those who don’t usually file may have to provide information to IRS.
People who don’t normally file should use the Non-Filers: Enter Payment Info tool to give the IRS basic information to get their Economic Impact Payment as soon as possible.
However, Eligible Social Security (including SSDI and SSI), Veteran and Railroad Retirement beneficiaries don’t need to file a tax return or provide information to get a payment. However, those who have qualifying children under age 17 must provide information through the Non-Filers: Enter Payment Info tool to claim the up to $500 payment per child. Social Security (including SSDI and SSI), Veteran and Railroad Retirement beneficiaries who don’t file a tax return who have qualifying children under age 17 must use Non-Filers: Enter Payment Info tool to claim the $500 payment per child. The IRS needs the dependent information before the payments are issued. Otherwise, their payment at this time will be $1,200 and, by law, the additional $500 per eligible child amount would be paid in association with a return filing for tax year 2020.
Direct deposit is the fastest way to get an Economic Impact Payment.
The IRS can speed up payments to people by direct deposit if the agency has the taxpayer’s banking information. If the IRS doesn’t have a taxpayer’s direct deposit details, don’t worry. Most individuals can use Get My Payment to provide their banking information to the IRS online, so they can receive payments immediately instead of by check in the mail.