Coronavirus Q&A: Will my money be sent to the wrong address?
SAN FRANCISCO (KGO) -- It's been nearly a week since the giant coronavirus stimulus package was signed into law -- and questions are still pouring in about who's getting money and when. Every day this week, 7 On Your Side's Michael Finney is answering your questions about how the coronavirus is impacting your bottom line, from everything to the stimulus package to unemployment and other aid. Many of you are wondering how you'll get your money if your bank account or home address have changed since last year. You don't want your money to be sent into a black hole!
Be sure to ask Michael your questions on Facebook or Twitter for him to answer on air!
Jason asks: I had my tax refund deposited onto a debit card that is no longer open. What happens if they try to deposit my check into a closed account?
Answer: You're right to be concerned. The IRS says the direct deposit would bounce back, and the IRS would then look for an address to send you a paper check. The IRS is setting up a way to update direct deposit information, but that could take weeks. Experts advise you should try to file your 2019 tax return quickly with your updated information.
Melanie asks: I've moved since my last tax filing. Will the IRS mail my check to the wrong address?
Answer: You're right to be concerned too. So far the IRS has not set up a specific way to update your address. It's being careful so scammers don't intercept your checks. You should try to file a 2019 tax return with the new address -- and make sure the post office has your forwarding address.
Carol asks: My adult daughter takes care of me and does odd jobs, but doesn't earn enough to file a tax return. Will she get any stimulus money?
Answer: She is indeed entitled to a stimulus payment -- as long as no one else claims her as a dependent. However, the IRS has no special way to find these folks to send them their money -- so she should file a simple tax return even if her income was too low to require it.
Bottom line, the IRS is still working out a lot of details for how to get your money to you. It's going to take time because there are about 150 million Americans waiting for checks.
Get the latest news, information and videos about the novel coronavirus pandemic here
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Take a look at more stories and videos by Michael Finney and 7 On Your Side.
