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If I received my first stimulus via direct deposit, do I need to do anything else?
Posted on 12/31/20 at 12:33 pm
Posted on 12/31/20 at 12:33 pm
I was sluggish in getting my online info updated back in the Summer for the initial COVID stimulus payment, but I eventually did setup the direct deposit. My question is do I need to do that, again, or does the IRS keep that setup for this one as well without needing me to do anything?
2
Posted on 12/31/20 at 12:46 pm to rpg37
You should be good. From what I’ve read they will use the info you set up from the first payment.
Posted on 12/31/20 at 3:45 pm to tigersfan1989
I closed out the account that mine went into a few months ago. I guess it'll be a paper check now?
Posted on 12/31/20 at 4:05 pm to rpg37
quote:
I was sluggish in getting my online info updated back in the Summer for the initial COVID stimulus payment, but I eventually did setup the direct deposit. My question is do I need to do that, again, or does the IRS keep that setup for this one as well without needing me to do anything?
Yes, you should be fine. The official payment date for the first round is Monday, so you should get it by then.
Posted on 12/31/20 at 4:06 pm to Miner
quote:
I closed out the account that mine went into a few months ago. I guess it'll be a paper check now?
Probably not. The DD will bounce. However, the law says they must be paid by Jan 15th, or you will need to claim it as a credit on your tax return. So you will likely need to do that.
The IRS is going to have to re-do some of the "reconciliation" instructions now... more info will be avail in a few days.
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