Retirees, the IRS May Need Your Bank Info for the Stimulus Check

If you’re retired and you haven’t received your stimulus check, it may be because the IRS doesn’t have your bank information.

I discovered this over the weekend while paying bills for my mother-in-law. She was eligible to receive the stimulus check, but nothing was deposited in her bank account. My father told me the same thing happened to him.

The commonality? They both pay quarterly estimated taxes.

If you’ve been paying your taxes either by check or through direct bank (ACH) withdrawals, the IRS may not have your bank information on file. Yes, even if the IRS is taking withdrawals directly from your bank account for tax payments, it may claim that it lacks the information to automatically deposit the stimulus check. (If you do not provide the IRS with your bank information but qualify for the stimulus check, the IRS will mail you a paper check.)

Fortunately, resolving the issue is simple. Just visit the Get My Payment page on the IRS’ website. It will give you information about your payment status, payment type and if more information is needed.

As for what you should do with your stimulus check, I offered some suggestions in last week’s Investor Update. (In the comments section, a few members made the argument for giving the money to charity.)

If you have questions about the CARES Act and recent tax rules changes, see my Investor Update from April 9. Additional information is given in the comments section. A longer update on the tax law changes will appear in the May AAII Journal, which will be posted to AAII.com on May 1.

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