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May 13 at noon is deadline to give IRS info for direct deposit of COVID-19 money

Providing bank data for direct deposit of coronavirus relief payments will get you added more quickly to the growing number of folks — around 130 million so far — who've received their COVID cash.

Person-holding-100-us-dollar-banknotes-2068975_alexander-mils_pexels
Photo by Alexander Mils from Pexels

More than 130 million COVID-19 economic impact payments have been delivered, according to the Internal Revenue Service. That means the tax agency is nearing the end of its distribution of the money that is intended to help folks cover a few of the costs they've incurred due to the impact of coronavirus on the U.S. economy.

And even though the IRS has completed almost 87 percent of the expected 150 million COVID relief payments it's been tasked with distributing, the agency is still encouraging folks who've yet to get their money to do so via direct deposit.

But you need to do so by noon on May 13. 

Time Zone Note
The IRS news release about the bank info deadline does not specify Eastern Time for the noon deadline. However, since that's where the agency is headquartered, let's err on the side of time caution and go with Eastern Daylight Time. So if you live west of that time zone, or in a locale that doesn't observe Daylight Saving Time, adjust the 12 p.m. noon EDT deadline accordingly.


While the number of coronavirus relief payments already delivered is impressive, the deadline to ensure that more money can be distributed in the fastest possible fashion earns this weekend's By the Numbers recognition.

Provide your bank data ASAP: You can use the agency's special Get My Payment online tracker by midday this coming Wednesday to enter your bank routing and account information so that the COVID economic impact payments (EIP) can be electronically delivered.

"We're working hard to get more payments quickly to taxpayers," said IRS Commissioner Chuck Rettig. "We want people to visit Get My Payment before the noon Wednesday deadline so they can provide their direct deposit information. Time is running out for a chance to get these payments several weeks earlier through direct deposit."

Miss that deadline, and the IRS will use your mailing address to send you a paper check via the U.S. Postal Service. Those Treasury Department paper checks should begin arriving through late May and into June.

Who's getting EIPs: The economic impact payments were authorized as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act that was enacted on March 27. They are going automatically to individuals who filed a tax return in 2018 or 2019.

In addition, folks who didn't file a recent tax return but received Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits, Supplemental Security Income (SSI) or Veterans Affairs (VA) payments also will get COVID EIP money without having to take any further action.

People who don't receive federal benefits and didn't have to file a 2018 or 2019 tax return also are eligible to get the coronavirus payment this year. However, in these cases, individuals need to use the IRS' online Non-Filer tool to register for the payment.

The coronavirus payment technically is an advance tax credit against 2020 taxes. If for some reason you don't get the money this year or don't get the maximum amount — that's $1,200 per individuals (double that for married couples filing a joint return) and $500 for each qualifying dependent child younger than age 17 — you can file a tax return next year and claim the credit.

But getting the money sooner, even if it's not that much, is preferable. So let the IRS know your bank info by May 13 to get it directly deposited. And if the IRS or other federal benefits agency doesn't have you in the system, use the Non-Filer tool to get on the economic impact payment delivery schedule.

State-by-state EIP distribution: The IRS has delivers more than $200 billion in economic impact payments so far. That's a nice increase from the $158 billion sent to 88.1 million COVID EIP-eligible individuals through mid-April.

The table below shows how much in coronavirus stimulus payments were delivered in the program's first four weeks, broken down by state, as well as amounts sent to qualifying taxpayers abroad or in U.S. territories.

Economic Impact Payment Totals by State
and Abroad/Territories as reported May 8, 2020

State

Number
of EIP Payments

Total Amount
of EIP Payments

Alabama

1,996,007

$3,428,443,628

Alaska

277,432

$485,006,748

Arkansas

1,216,253

$2,128,987,406

Arizona

2,734,978

$4,712,311,770

California

13,564,730

$22,465,995,771

Colorado

2,141,841

$3,618,352,193

Connecticut

1,325,813

$2,162,539,412

Delaware

385,599

$646,913,592

District of Columbia

252,095

$349,400,662

Florida

9,169,713

$15,173,922,832

Georgia

4,069,403

$6,937,057,497

Hawaii

542,426

$923,960,321

Iowa

1,230,814

$2,212,426,465

Idaho

627,496

$1,255,712,382

Illinois

4,844,140

$8,169,566,380

Indiana

2,742,791

$4,855,661,708

Kansas

1,098,473

$1,980,223,913

Kentucky

1,878,814

$3,282,818,708

Louisiana

1,877,721

$3,180,135,799

Maine

594,555

$1,005,363,003

Maryland

2,186,404

$3,575,993,478

Massachusetts

2,503,206

$4,008,005,049

Michigan

4,081,884

$7,045,417,642

Minnesota

2,124,142

$3,714,368,466

Missouri

2,482,825

$4,337,599,739

Mississippi

1,225,834

$2,086,932,244

Montana

433,767

$759,469,674

Nebraska

743,803

$1,349,417,300

Nevada

1,279,890

$2,131,071,471

New Hampshire

560,833

$941,099,188

New Jersey

3,208,179

$4,287,240,934

New Mexico

851,449

$1,442,523,522

New York

7,737,476

$12,523,017,409

North Carolina

4,076,334

$6,985,338,563

North Dakota

287,210

$510,578,907

Ohio

4,916,174

$8,322,111,961

Oklahoma

1,556,747

$2,777,598,152

Oregon

1,658,586

$2,782,872,801

Pennsylvania

5,215,824

$8,821,284,132

Rhode Island

445,941

$725,567,957

South Carolina

2,060,588

$3,522,197,950

South Dakota

343,860

$625,042,408

Tennessee

2,881,709

$4,980,110,718

Texas

10,728,541

$18,796,209,760

Utah

1,075,546

$2,091,334,753

Vermont

267,295

$450,251,509

Virginia

3,196,178

$5,456,000,257

Washington

2,856,962

$4,875,983,730

West Virginia

784,111

$1,363,560,122

Wisconsin

2,307,675

$4,025,320,018

Wyoming

225,830

$407,690,034

Foreign Addresses

595,548

$977,830,929

    

I'm happy to report that the hubby's and my EIP is part of the Texas tally shown above. If you haven't gotten your COVID-19 payment yet, here's hoping it's added to this tally soon.

And get it sooner by giving the IRS your bank data by noon on May 13.

Coronavirus Caveat & More Information
In 2020, we're all dealing with extraordinary circumstances,
both in our daily lives and when it comes to our taxes.
The COVID-19 pandemic and efforts to reduce its transmission
and protect ourselves and our families means that,
for the most part, we're focusing on just getting through these trying days.

But life as we knew it before the coronavirus will return,
along with our mundane tax matters.
Here's hoping that happens soon!
In the meantime, you can find more on the virus and its effects on our taxes
by clicking Coronavirus (COVID-19) and Taxes.

 

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Comments

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Israel Garcia

I filed my 2019 return electronically but am being held up because I had not filed my 2018 taxes until a little over a week ago(by mail). This tax refund for 2019 and the EIP payment combined is for my family of 8, which are my wife and I, and our 6 young children. We are being delayed for nearly $12,000 because of this and cannot get any answers. Get My Payment saysnim eligible, and has my correct banking info, but doesn't provide a date since 4/23. No media guidance is out that I can find.
I don't know if anyone who reads this is able to and willing, or even can do anything to help us reach the right person with that organization who can address this for us, and what is very much past due to us from the IRS, but it's worth the try of posting here.

We appreciate anything anyone can do that will help us.

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