April 22, 2020 11:18 pm

Your Economic Impact Payment

If you received your Economic Impact Payment, keep in mind that it’s tax free. You do not have to use the money for any particular purpose.

If you haven’t received your payment, the IRS has a portal called “Get My Payment”. Here you can get the status of your payment. To do so, you may need your 2019 return (if you filed it) or your 2018 return. The IRS cautions that it updates the status of payments once a day so there’s no need to check back more frequently.

If you want to expedite the payment, provide information about your checking or savings account so your payment can be directly deposited into your account.

If you need more information, check the IRS’s Economic Impact Payments Information Center.

Tax Glossary

Individual retirement account (IRA)

A retirement account to which up to $4,000 (or $5,000 if you are 50 or over) may be contributed for 2007, but deductions for the contribution are restricted if you are covered by a company retirement plan. Earnings accumulate tax free.

More terms