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Americans who don’t have direct deposit information on file with the IRS will have the opportunity to provide the tax agency with those details this week in order to get their economic impact payments sooner, Treasury Secretary Steven Mnuchin said Monday.
While the IRS has begun depositing money into people’s accounts, individuals who are expecting checks in the mail will be waiting longer.
In order to give these individuals the option of speeding up the process, the IRS will launch a tool on Wednesday to allow people to upload their account details.
“On Wednesday we will be launching on IRS.gov, click on IRS.gov, go to ‘get your payment’ – if you filed a tax return in 2018 … or ’19, have that information available you’ll be able to I.D. yourself, you’ll be able to put in your direct deposit information and within several days we will automatically deposit the money into your account,” Mnuchin said at the White House. “We want to do as much of this electronically as we can.”
Mnuchin added that the economic impact payments are being processed “ahead of schedule.” He said he expects about 80 million Americans to get the deposit by Wednesday.
Paper checks will not begin being processed until next week – a process that could reportedly take months to fully complete.
Payments will be $1,200 per adult for those with adjusted gross incomes of up to $75,000. The threshold for married couples is $150,000 – they are eligible for $2,400 and $500 per child.
If you have not yet filed your return for 2019, the agency will use your information from 2018. If you have not filed for either year, the IRS urges you to do so as soon as possible to receive a payment.
More details on the payments can be found here.
You can also visit the IRS' website.