What to Know About the 2020 Economic Relief Payments

4/16/2020 2:21:04 PM
Economic Relief PaymentsThe payments, also referred to by some as stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees.

The first round of payments are expected to reach accounts as early as April 15th.

The best place to find up-to-date answers to your questions about the IRS Economic Impact Payments (Stimulus), is on the IRS website. The site offers you helpful information and allows you to do things like:

Quick Reference to Economic Payment Instructions

Below are quick tips for navigating some of the most commonly asked questions. Please visit the IRS website for the most current information available.

Setting Up Direct Deposit 

If you need to set up direct deposit at irs.gov/coronavirus, you will need:

  • Your North Shore Bank Account Number
  • North Shore Bank Routing Number: 275071356

You might also need:

  • Adjusted Gross Income from your most recent tax return submitted, either 2019 or 2018‚Äč
  • The refund or amount owed from your latest filed tax return
  • Full name, current mailing address and an email address
  • Date of birth and valid Social Security number
  • Identity Protection Personal Identification Number (IP PIN) you received from the IRS earlier this year, if you have one
  • Driver’s license or state-issued ID, if you have one
  • For each qualifying child: name, Social Security number or Adoption Taxpayer Identification Number and their relationship to you or your spouse

Non-Filers Can Enter Your Payment Info

  • Consumers receiving the following do NOT need to submit info:
    • Social Security retirement benefits
    • Social Security Disability Insurance benefits
    • Railroad Retirement and Survivor Benefits

Filers Can Get Their Payment

  • Use the "Get My Payment" application went live 4/15/20.
  • Consumers can do the following:
  • Check your payment status
  • Confirm your payment type: direct deposit or check
  • Enter your bank account information for direct deposit if we don't have your direct deposit information and we haven't sent your payment yet
  • If you moved since you last filed, let the IRS know your new mailing address.

Avoid Scams during COVID-19

Taxpayers should be on the lookout for IRS impersonation calls, texts and email phishing attempts about the coronavirus or COVID-19 Economic Impact Payments. These scams can lead to tax-related fraud and identity theft. Your best defense is to stay informed by checking the IRS Coronavirus Scam Warnings.

If you experience any of the following, they are red flags. Don’t be taken by scammers who may:

  • Ask an individual to sign over their Economic Impact Payment check to them.
  • Ask for verification of personal or banking information.
  • Suggest that they can get someone a tax refund or Economic Impact Payment faster by working on their behalf.
  • Issue a bogus check, often in an odd amount, then tell a person to call a number or verify information online in order to cash it.

Here’s what you should know:

  • The IRS will not call, email or text you to verify or request your financial, banking or personal information.
  • Watch out for websites and social media attempts to request money or personal information. The official website is IRS.gov.
  • Don't open surprise emails that look like they're coming from the IRS or click on attachments or links.
  • Taxpayers should not provide personal or financial information or engage with potential scammers online or over the phone.
  • Forward suspicious emails to phishing@irs.gov, then delete.
  • Go to IRS.gov for the most up-to-date information.