COVID Tax Tip 2020-55: What people really want to know about Economic Impact Payments

IRS Tax Tips May 12, 2020
Useful Links: IRS.gov Help For Hurricane Victims News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News Subscriptions The Newsroom Topics Multimedia Center Noticias en Español Radio PSAs Tax Scams/Consumer Alerts The Tax Gap Fact Sheets IRS Tax Tips Armed Forces Latest News IRS Resources Compliance & Enforcement News Contact Your Local IRS Office Filing Your Taxes Forms & Instructions Frequently Asked Questions Taxpayer Advocate Service Where to File IRS Social Media	Issue Number: COVID Tax Tip 2020-55 What people really want to know about Economic Impact Payments IRS.gov has answers to many questions people may have about their Economic Impact Payment. Here are answers to some of the top questions people are asking about these payments.  Is this payment considered taxable income? No, the payment is not income and taxpayers will not owe tax on it. The payment will not reduce a taxpayer's refund or increase the amount they owe when they file their 2020 tax return next year. A payment also will not affect income for purposes of determining eligibility for federal government assistance or benefit programs. Can people who receive a Form SSA-1099 or RRB-1099 use Get My Payment to check their payment status? Yes, they will be able to use Get My Payment to check the status of their payment after verifying their identity by answering the required security questions. If someone's bank account information has changed since they filed their last tax return, can they update it using Get My Payment? To help protect against potential fraud, the tool also does not allow people to change direct deposit bank account information already on file with the IRS. If the IRS issues a direct deposit based on the account information that the taxpayer provided on their tax return and the bank information is now invalid or the account has been closed, the bank will reject the deposit. The agency will then mail payment as soon as possible to the address they have on file. Get My Payment will be updated to reflect the date a payment will be mailed. It will take up to 14 days to receive the payment, standard mailing time. Where can people get more information? Taxpayers who are required to file a tax return, can go to IRS Free File to file electronically. If they aren't required to file, they should go to the Non-Filers: Enter Payment Info Here tool and submit their information to receive an Economic Impact Payment. For the complete lists of FAQs, visit the Economic Impact Payment and the Get My Payment tool pages on IRS.gov. The IRS updates these FAQs regularly. The IRS encourages people to share this information with family and friends. Share this tip on social media -- #IRSTaxTip: What people really want to know about Economic Impact Payments. https://go.usa.gov/xvst9 Back to Top         Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov. This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message.

 

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