Economic Impact Payments: What to Expect

Many Americans are eligible for Economic Impact Payments (EIPs) as part of coronavirus tax relief efforts.

On Friday, April 10, the Internal Revenue Service issued 75 million economic impact payments by direct deposit to qualified Americans with the funds to be available in accounts on April 15. Additional electronic payments will be released throughout April.

These payments are based on 2018 and 2019 tax filings. Individuals who did not file for electronic returns for 2018 or 2019 filings will not receive direct deposit payments via ACH. Instead, these qualified individuals will receive payment by check in the mail in the coming weeks. 

If you did not file for electronic returns or have not filed your 2018-2019 taxes: 

• There will be an opportunity to register for electronic payment on the IRS’s non-filer portal. 

• If the IRS does not have a qualified individual’s ACH information, they will receive the payment via check in the mail. Mailed checks will be sent in the coming weeks.

• Those who’ve not filed 2018-2019 taxes can use the IRS portal to designate a direct deposit account here.

Ascentra will not have additional information for individuals besides whether a deposit by ACH was received. 

Registering Accounts Through the IRS Website

• Go to the IRS portal to see if you have to register or update your account

• Add your credit union account number

• Add the routing number of your credit union

• Don’t include the check number

• Double-check that you have entered the correct numbers. Entering an incorrect number could result in a payment delay

Other Resources:

IRS - Coronavirus Tax Relief and Economic Impact Payments

Economic Impact Payment: What Should you do with the money?