COVID Tax Tip 2020-62, May 27, 2020 Many people have already received their Economic Impact Payment, and many more will be getting them soon. Whether it's already there or on the way, the payment brings questions from many people. Anyone who has questions can visit IRS.gov for updated FAQs about the Economic Impact Payment. Here are a few of the questions the IRS continues to hear. What about a child's parents who are not married to each other, but both got the $500 for the same child? Will one of them have to pay that back? The law doesn't require repayment of an Economic Impact Payment in these situations. Each parent should review Notice 1444, Your Economic Impact Payment. The IRS will mail this notice to their last known addresses within 15 days after the payment is made. The parents should keep the notice for their 2020 tax records. If someone who owed tax scheduled a payment from their bank account, will the IRS send the payment to the account used? No, the IRS will not send an Economic Impact Payment to an account used to make a payment to the IRS. If the agency doesn't have direct deposit bank information for someone, their payment will be mailed to the address the IRS has on file. If someone requested a direct deposit of the payment, why is the IRS mailing it? There are several reasons why someone's payment may have been sent by mail. These include: The payment was already in process before the bank information was entered. The IRS does not have the correct bank account information The bank rejects the direct deposit The IRS will mail the payment to the address they have on file for the taxpayer. Typically, it will take up to 14 days to receive the payment. Subscribe to IRS Tax Tips
