Stimulus checks: IRS sets Wednesday deadline for economic impact payment by direct deposit

WASHINGTON -- The Treasury Department and the IRS are urging taxpayers who want to get their economic impact payments directly deposited to their bank accounts to enter their information online by Wednesday.

The government has sent out about 130 million payments in the first four weeks of the program by both direct deposit and by mail.

The IRS said Monday that people should use the "Get My Payment" tool on the IRS website by noon on Wednesday to provide their direct deposit information.

After that time, the agency will begin preparing millions of files to send to the Bureau of Financial Services for paper checks that will begin arriving through late May and into June. The government cannot provide direct deposit once the process of sending a paper check has commenced.

The Get My Payment tool can be used to check on the status of a payment or provide direct deposit information. It has not always operated smoothly, but the IRS said many of its early glitches have been resolved.

Any U.S. citizen with a valid Social Security number who makes up to $75,000 will get a payment of $1,200; married couples who file jointly and earn less than $150,000 will get $2,400. The payment steadily declines for those who make more, and phases out for those who earn more than $99,000; or $198,000 for married couples. The thresholds are different for those who file as head of household. Parents will get $500 for each eligible child as well.

The government will automatically send payments based on the information provided in 2019 or 2018 tax returns. Automatic payments will also be sent to those receiving Social Security retirement, disability benefits, Railroad Retirement benefits, Veterans Affairs benefits or Supplemental Security Income soon, according to the IRS.

People who do not traditionally file tax returns, such as the homeless, are eligible but must provide basic information through the Non-Filer tool on the site to get payment.

The payments are part of a massive economic relief package Congress passed to lessen the financial impact of the coronavirus pandemic.