Economic Impact Payment FAQ

1. What does the Economic Impact Payment file look like?

The Economic Impact Payment when deposited directly into your account should resemble what your tax refund looks like and it should come from the US Treasury.

2. What happens when an Economic Impact Payment goes into a closed account?

If by chance you changed banking institutions and did not change your bank account with the IRS, your Economic Impact Payment will be returned to the IRS and you are in line to receive your Economic Impact Payment by mail.

3. What happens when an Economic Impact Payment credit is for a deceased individual (updated May 7th)?

The IRS updated its position on payments made to deceased people (May 7th).

The new guidance states that deceased people do not qualify for an EIP. Therefore, the recipient is responsible for returning the funds to the IRS. If the payment was a paper check, and the check has not been cashed:

• Write “Void” in the endorsement section on the back of the check.
• Mail the voided Treasury check immediately to the appropriate IRS location. For Minnesota residents, the address is:
  • Kansas City Refund Inquiry Unit
    333 W Pershing Rd
    Mail Stop 6800, N-2
    Kansas City, MO 64108
• Include a note stating the reason for returning the check.
• Do not staple, bend, or paper clip the check.

If the payment was made by ACH or was a paper check that has already been cashed:

·         Submit a personal check, money order, etc., immediately to the appropriate IRS location.

·         Make the check/money order payable to “U.S. Treasury” and write 2020EIP with the taxpayer identification number (social security number or individual taxpayer identification number) of the recipient of the check.

• Include a brief explanation of the reason for returning the EIP.

Recipients should return the entire payment unless it was made to joint filers and one spouse had not died before receipt of the payment. In that case, the spouse must only return the portion made to the decedent. This amount will be $1,200 unless adjusted gross income exceeded $150,000.

4. Do citizens receive notice of any Economic Impact Payment credit?

Yes, Treasury will provide a post-payment notice to all recipients as required by the CARES Act in § 2201.

5. Will there be additional direct Economic Impact Payments made in the future?

Yes, the Treasury will continue to make Economic Impact Payments through direct payments when possible on Wednesdays. However, the Treasury expects the number of Economic Impact Payments being made will be a fraction of the initial week volume in succeeding weeks

6. Will Treasury use same-day direct deposit for future Economic Impact Payments?

The Treasury has no current intention to use same-day deposits for Economic Impact Payments, but Treasury does have same-day capabilities if it is necessary.

7. What happens when the payment goes to a non resident alien or someone who is incarcerated?

A person who is a non-resident alien in 2020 is not eligible for the payment. A person who is a qualifying resident alien with a valid SSN is eligible only if he or she is a qualifying resident alien in 2020 and could not be claimed as a dependent of another taxpayer for 2020. Aliens who received a payment but are not qualifying resident aliens for 2020 should return the payment to the IRS.

A payment made to someone who is incarcerated should also be returned to the IRS. For a payment made with respect to a joint return where only one spouse is incarcerated, the spouse must return the portion of the payment made to the incarcerated spouse. This amount will be $1,200 unless adjusted gross income exceeded $150,000.

Treasury Check FAQ

1. What will the Economic Impact Payment checks look like?

Treasury expects to make a sample check available in the future; however, at the time of this bulletin there is no sample yet. The Economic Impact Payment check should look like a tax refund check including the same security features. In addition, the check will have in the memo field Economic Impact Payment on the top line and President Trump’s name on the second line. Treasury does provide a verification website to check Economic Impact Payment and other Treasury checks, which is online at: https://tcva.fiscal.treasury.gov. It is important to remember that Treasury’s verification website is updated daily and is not a real-time verification, but this website does provide a hyperlink to a description of Treasury check security features.

2. How should Economic Impact Payment checks be endorsed?

The Economic Impact Payment checks are subject to the same endorsement requirements for other Treasury checks. Generally accepted endorsements include:

• Endorsed by the payee in an accepted form for negotiation, transfer or collection of negotiable instruments;
• Endorsed by another on behalf of the named payee indicating that the endorsement is pursuant to expressly conferred authority, an example of the minimum required for such an endorsement would by “John Jones by Mary Jones;”
• Endorsed “for collection” or “for deposit only to the credit of the within named payee or payees;” or
• Endorsed by a financial institution under the payee’s authorization.

3. Do citizens receive notice of any Economic Impact Payment checks?

Yes, Treasury will provide a post-payment notice to all recipients as required by the CARES Act in § 2201.

4. How many Economic Impact Payment checks will be issued?

Treasury has the capability to issue and mail between 5-7 million checks each week, but Treasury will send as many Economic Impact Payments through direct deposit as possible.

To view all the FAQ compiled by the IRS visit their website.