Coronavirus financial assistance: how to set up and track a money transfer

Perhaps you will be able to quickly receive cash assistance from the state in connection with the coronavirus pandemic by directly crediting funds to your bank account. CNET talks about how and where to indicate your account for such a transfer, if you have not done so already, and how to track your payment.

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Taxpayers who qualify for up to $1200 in federal aid will begin receiving payments directly to their bank accounts as early as this week—if they are eligible. If you can't receive an electronic funds transfer based on the information you provided on last year's tax return, the IRS plans to open an online web application within a few days to help you get your refund faster.

If you do not have a direct deposit set up, your check will be mailed, which may take longer.

If you are one of the 80% of taxpayers who already receive tax refunds through direct deposit, you don't have to do anything at all: the IRS already has all the necessary information about your bank account that they use to transfer funds. But if you're in the 20% that get your tax refund in the mail—or not at all—the IRS said it will set up an online portal by April 17 so you can still receive your refund. electronically to your bank account.

What data does the IRS need in order to make a direct transfer?

You will need to have the bank route number and account number on hand. You have several ways to find this information.

• Bank website. The site can display routing numbers and account numbers. For example, for Bank of America, log into your account, select the account you want to use, and then click on the Information & Services tab to see the numbers you want.
• Mobile application: if your bank has an application, it can show you your account and routing numbers. For example, in Bank of America's BofA application, click on the account you want to use, and then scroll to the bottom of the application window to see your clearly marked account and routing numbers.
• Printed check. At the bottom of the check, you will likely see three sets of numbers: The first set of 9 digits is your routing number. The second set of 8-12 digits is your account number. The third set—which you don't use to set up direct deposit—is the check number.

On the subject: Do I need to pay federal financial assistance tax because of coronavirus

It's not too late to include your banking information in tax returns

The U.S. Internal Revenue Service has stated that if you have not filed a tax return for 2018 or 2019, you should file it as soon as possible and include information about your direct bank deposit.

When you get the money

The IRS reported that the first shipments will begin on April 13 (as wrote ForumDaily, they’ve already begun), and the online tool will start working by April 17th. Fox News said that those who filed taxes for 2018 or 2019 and set up a direct deposit to the IRS will receive a refund by April 15.

Read also on ForumDaily:

11 ways to improve your financial situation during a crisis

Government aid in connection with coronavirus: Americans are warned about fraud

Many will have to wait until September: when and how Americans will receive financial assistance in connection with the coronavirus

How to apply for unemployment benefits if you lose your job due to coronavirus

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