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If you are waiting for a, you may be wondering when your check will appear and if you can track your payment status with the IRS. Good question. Here’s what we know so far, with more updates to come as we learn more about the IRS’s plans.
The first economic stimulus checks are expected to be sent to eligible US taxpayers starting in mid-April. These one-time payments are part of a, which aims to mitigate the economic effects caused by the . It is not clear without calculation how much you are entitled to receive. Your final allowance depends on a line in your tax form from your 2018 or 2019 taxes. You can or use a calculator to find out, but a little work is inevitable.
Another disadvantage is when you receive the check – the amount will automatically appear in your bank account or in your physical mailbox (see below).
(And if you haven’t submitted your taxes yet and need a refund soon, here are the reasons you might want to, despite an automatic tax extension.)
The stimulus checks will start arriving in mid-April
Treasury Secretary Steven Mnuchin said the first stimulus payments will be released within two weeks – around mid-April – for those who have direct deposit set up with the IRS.
The stimulus money will either arrive in your bank account if you set up a direct deposit with the IRS for past refunds during tax season, or by mail with your registered address.
If you want to set up a direct deposit to receive your payment directly to your bank account, the IRS said it will have an online tool that you can use to set up electronic payments by mid-April .
Although we know when to wait for the first checks, we do not know how long it will take the IRS to process a check for each taxpayer eligible, of which there may be over one hundred million.
You do not need to register to receive a check
To receive the stimulus payment, you may have to file a tax return for 2018 or 2019 if you are normally required to do so. You can still do it now..
Seniors, social security recipients, railway retirees and other beneficiaries who are generally not required to file tax returns will not need to file one to receive payment.
Can I check the status of my payment?
It is not yet clear. For federal tax refunds, the IRS has a Get Refund Status page that allows you to check the status of your refund after providing your Social Security number, filing status and the amount of the refund.
At the moment, the IRS does not have a similar tool that allows you to track the status of your dunning payment, and at this point, we do not know if the agency will create an online tracker.
We will be checking out the IRS coronavirus page for more details in the coming weeks, and will also update this story with new information if the IRS creates such a tool.
In the meantime, here’s what you need to know. To learn more about stimulus checks, here and . Here’s everything you need to know about .