Under the recently passed CARES Act, the U.S. government is planning to send out Economic Impact Payments (EIP) to taxpayers meeting certain income requirements. If you have paid taxes or received refunds by direct deposit in the past, your payment will be deposited directly to your bank account. If the IRS does not have your direct deposit information on file, you will have an opportunity to provide it online, rather than wait for checks to be mailed out.
The IRS is currently working on a website with a portal for individuals to provide their banking information to the IRS. We don’t yet know when it will be up and running (the IRS says it will be “in the coming weeks”), so if you plan to use it, keep checking irs.gov/coronavirus. There is no further information about payment dates or methods at this time.
If you are wondering if you’re eligible or how much you’ll receive, check out the answers to these frequently asked questions:
Are freelancers eligible to receive EIPs?
Yes. All taxpayers who cannot be claimed by someone else as a dependent are eligible to receive the EIP, depending on the income requirements below. Only nonresident aliens are excluded from this program.