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.

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. 

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.

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.

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