Raina's Elektra

Managing Your Books and Freeing Your Mind

My Blog

Blog

Economic Impact Payment FAQs updated on IRS.gov

Posted on 27 May, 2020 at 10:13
Issue Number: COVID Tax Tip 2020-62
Economic Impact Payment FAQs updated on IRS.gov

Many people have already received their Economic Impact Payment, and many more will be getting them soon. Whether it’s already there or on the way, the payment brings questions from many people.
Anyone who has questions can visit IRS.gov for updated FAQs about the Economic Impact Payment. Here are a few of the questions the IRS continues to hear.
What about a child's parents who are not married to each other, but both got the $500 for the same child? Will one of them have to pay that back?
The law doesn’t require repayment of an Economic Impact Payment in these situations.  Each parent should review Notice 1444, Your Economic Impact Payment. The IRS will mail this notice to their last known addresses within 15 days after the payment is made. The parents should keep the notice for their 2020 tax records.
If someone who owed tax scheduled a payment from their bank account, will the IRS send the payment to the account used?
No, the IRS will not send an Economic Impact Payment to an account used to make a payment to the IRS. If the agency doesn’t have direct deposit bank information for someone, their payment will be mailed to the address the IRS has on file.
If someone requested a direct deposit of the payment, why is the IRS mailing it?
There are several reasons why someone’s payment may have been sent by mail. These include:
   •  The payment was already in process before the bank information was entered.
   •  The IRS does not have the correct bank account information
   •  The bank rejects the direct deposit
The IRS will mail the payment to the address they have on file for the taxpayer. Typically, it will take up to 14 days to receive the payment.

Share this tip on social media -- #IRSTaxTip: Economic Impact Payment FAQs updated on IRS.gov. https://go.usa.gov/xv32V

Categories: IRS

Post a Comment

Oops!

Oops, you forgot something.

Oops!

The words you entered did not match the given text. Please try again.

100 Comments

Reply VdMjTlAwxPev
13:14 on 26 August, 2020 
IbERTadGN
Reply Leather Jacket for Men
5:18 on 27 November, 2020 
Having read this I believed it was rather enlightening.
I appreciate you spending some time and effort to put this informative
article together. I once again find myself spending a lot of time both reading and leaving comments.
But so what, it was still worthwhile!
Feel free to surf to my website … Men Shearling Jackets
Reply Justin Brave
8:16 on 28 April, 2021 
This article is loaded with some well-informed data. You have made admirable statements in an exceptional manner about bookkeeping. Since this has made me wonder about more things I would want to know about bookkeeping services for doctors
https://cpaprofessionals.ca/bookkeeping-services-for-doctors