How to Update Your Banking Information with the IRS for Stimulus Payments
The US government introduced several measures to help citizens deal with the financial impact of the COVID-19 pandemic. One of the most significant financial aid programs was the Economic Impact Payments, more commonly known as stimulus checks, which were sent to eligible individuals across the country. But what if you haven’t received your stimulus payment and need to update your banking information with the IRS? Here’s what you need to know:
Check Your Eligibility
First and foremost, you must ensure that you are eligible to receive an Economic Impact Payment. If you’ve filed your taxes in the last two years, you should automatically receive a stimulus check. However, if you didn’t file taxes in the last two years or receive Social Security benefits, you may need to take additional steps to receive your stimulus payment.
Using the IRS Get My Payment Tool
The easiest way to update your banking information with the IRS is by using the Get My Payment tool on the official IRS website. This tool allows you to check the status of your payment, provide your banking information for direct deposit, and update your mailing address if needed. Ensure that you have your Social Security number, date of birth, and mailing address on hand to access the tool.
Setting Up a Direct Deposit with the IRS
If you haven’t received your stimulus payment yet and need to update your banking information, you can do so by setting up a direct deposit with the IRS. Log in to the Get My Payment tool on the official IRS website and provide your banking information, including your bank account number and routing number. Once the IRS verifies your information, your payment will be sent to your designated account.
Applying for Non-Filers Payment Status
If you haven’t filed taxes in the past two years and don’t receive Social Security benefits, you can still receive a stimulus payment by applying for the Non-Filers Payment Status tool. This tool also allows you to provide your banking information for direct deposit. However, if you don’t have a bank account, the IRS will send you a check to your address on file.
The Importance of Updating Your Banking Information
Updating your banking information with the IRS is crucial to receive your stimulus payment as quickly as possible. Direct deposit payments are typically processed faster than paper checks, and providing accurate banking information can ensure that your payment isn’t delayed or sent to the wrong account.
Conclusion
The Economic Impact Payments provided much-needed financial assistance during the pandemic, and updating your banking information with the IRS is essential to receive your stimulus payment. Using the official IRS Get My Payment tool and setting up a direct deposit or applying for Non-Filers Payment Status can help you update your banking information quickly and efficiently. Remember to check your eligibility to ensure you’re eligible to receive a stimulus payment, and provide accurate banking information to avoid any delays or issues with your payment.
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