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These $ 1,400 stimulus checks are starting to hit bank accounts this weekend.
The IRS announced on Friday that the first batch will be shipped by direct deposit.
It is unclear exactly how many of the estimated 159 million payments are scheduled to be sent in this first deployment.
The IRS and the Department of the Treasury are working to disburse as much of the $ 1,400 checks as possible electronically, according to the authorities. Additional payments will be sent by check or debit card in the mail.
In the coming weeks, the vast majority of payments are expected to be made.
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The aid stimulus can reach US $ 1,400 per person, US $ 2,800 per couple, plus US $ 1,400 per dependent. For a family of four, that would be $ 5,600.
“Payments will be automatically delivered to taxpayers, even if the IRS continues to deliver regular tax refunds,” said IRS commissioner Chuck Rettig in a statement.
If you don’t receive a payment or a deposit lower than expected, you may be afraid of losing. If so, here’s what you can do.
Go to the ‘Get My Payment’ website
Starting on Monday, the IRS’s Get My Payment website will show the status of third-party payments.
This site will be updated regularly as payments are processed.
Unfortunately, it is not equipped to allow you to send new or different bank account information.
Submit your 2020 income tax return
$ 1,400 stimulus checks will generally be calculated on the 2019 or 2020 income tax returns, whichever you most recently filled out.
If the IRS received and processed your 2020 deposit, your third stimulus check will be based on that.
This is important to know because if your revenue drops in 2020, your stimulus check will be higher as a result.
If the government sends its payment based on the 2019 return, it will assess whether the total should have been higher and potentially complete it with a subsequent payment.
Promptly filing your 2020 income tax return has several advantages.
First, you can update your direct deposit information, if necessary.
Second, depositing as soon as possible can reveal that you were eligible for additional stimulus funds from the previous two rounds of payments.
Third, there may be other stimulus benefits that you can qualify for. This includes earned income tax credit, child tax credit or other tax benefits.
At the moment, there are no plans to reopen the non-archiver tool that was available last year. Instead, these people are encouraged to file an income tax return to receive their money.
The IRS has more information about free filing tools on its website.
Be patient
It may take some time for your payment to arrive.
For most taxpayers, no action is required to request payment, according to the IRS.
The money will be sent automatically to qualified individuals and families that the government has registered.
This includes people who normally do not file tax returns who used the non-filing tool last year or who submitted a special simplified tax return.
It also includes federal beneficiaries who receive Social Security, Supplementary Pension Income, Railway Retirement or Veterans Affairs benefits.