Stimulus checks and what you need to know if you have changed bank information

 The latest round of $600 stimulus checks is on the way. Meanwhile, many have already arrived for millions of Americans.

But for people who recently changed their bank account information, that payment might not come at all. To send the latest payment to Americans, the IRS is using account information that was either provided on your 2019 tax return, non-filer registration, entered into the “Get My Payment” tool before Dec. 22 or provided by a federal agency issuing benefits — such as the Social Security Administration, Veteran Affairs or the Railroad Retirement Board, according to its website. Currently, this account information including direct deposit details cannot be changed or updated, according to the IRS. That means that if you have a new bank account and didn’t previously update your information with the IRS, you won’t get your payment. In the first round of checks to Americans, if a bank rejected and returned a stimulus payment because of incorrect account information, the IRS would then mail out a paper check or debit card. But this time, the IRS won’t do that. Due to the compressed timeline, the IRS is unable to reissue and mail checks and instead encourages people to file their 2020 tax return electronically to claim and receive the Recovery Rebate Credit as quickly as possible.” The way this works is that you claim the payments as a Recovery Rebate Credit when you file your 2020 tax return in 2021. The credit will either reduce your tax bill or increase the size of any refund. While you gather your documents for filing, keep and include any letters or forms you receive from the IRS.