Want Relief Money Sooner? Give The IRS Your Bank Account Number
The Treasury Department has begun sending $1,200 relief payments to people affected by the coronavirus. Electronic payments have already started landing in people's bank accounts. But the IRS has launched a pair of websites to speed payments to those who haven't already supplied the government with their bank information.
Taxpayers who included bank account information on their 2018 or 2019 tax return do not need to take any action. Nor do Social Security or SSDI recipients who typically receive their payments through direct deposit.
People who don't provide the government with bank account information may have to wait for a paper check, which will delay their relief payments. The government is expected to begin printing checks next week.
Under the $2 trillion CARES Act, Congress authorized relief payments of $1,200 to any adult making up to $75,000. People who earn between $75,000 and $99,000 will receive a reduced payment. Parents can also collect $500 for dependent children younger than 17.