COVID-19 Response: Changing Bank Information

How does the IRS get my bank information for any 2021 stimulus payments?

If the IRS issues additional stimulus payments in 2021, direct deposit will be the fastest way to get your money. The IRS will obtain your direct deposit bank account information from the most recent tax return filed.

So, if you are getting a refund on your 2020 tax return and you elect direct deposit, the IRS will send any qualifying stimulus payments to your bank account. If you split your refund between 2 accounts, the IRS will send the stimulus payments to the first bank account entered.

Can I provide my bank account information if I am not getting a refund?

Yes. If you owe taxes or have $0 tax due on your 2020 tax return, TaxAct will ask you if you would like to send your bank account information to the IRS for the direct deposit of any potential 2021 stimulus payments. Look for this question in the filing steps.

Click the link for more information on Economic Impact Payments.