The Internal Revenue Service (IRS) has given taxpayers a deadline of noon Eastern Time on Wednesday, May 13 to provide the agency with their bank account information if they want their federal stimulus money directly deposited. Taxpayers who fail to do that, USA Today reports, will get a paper check, for which they could wind up waiting months.
The CARES Act is the first of what may wind up being multiple federal stimulus packages designed to ease the financial pain inflicted on American businesses and taxpayers by the coronavirus pandemic. Among other monies based on various factors, the core of the act provides most American taxpayers a one-time payment of $1,200.
For the majority of taxpayers, getting that money was a simple matter of checking their bank account. Taxpayers for whom the IRS has banking information got their money instantly via a direct deposit, once the payments were authorized.
However, several million Americans are still waiting for their stimulus money. Most have bank accounts, but for various reasons the IRS does not have their account information on file. A small percentage of Americans don't even have a bank account.
Taxpayers whose account information is not on file can provide their information to the IRS via the Get My Payment tool. The process can be completed by following the instructions provided. They will have to input some basic information -- such as their account number and bank's routing number -- as well as some details from their recent IRS tax forms to prove their identity.
The website will also inform users if their checks have already been cut and prepared for mailing.
Those who don't get their information to the agency in time, but who still qualify for stimulus money, will have to wait for a paper check. However, as previously reported by The Inquisitr, waiting for a paper check could take awhile. The agency can only print roughly 5 million checks per week, which means that some taxpayers will receive their checks months from now.
The IRS has indicated that the frequency of paper check arrivals should increase sharply in May.
For those Americans who simply don't have a bank account, the agency has a put in place a plan. Those who already receive their Social Security retirement, disability benefits, Railroad Retirement benefits, Veterans Affairs benefits, or Supplemental Security Income via a pre-paid debit card should have their stimulus money loaded onto their cards by mid-May.