From April 13, the firstwill start going out for eligible taxpayers, starting with people who have . But just because checks start going out next week doesn’t mean everyone will get their stimulus money on the first day, or even the first week. After all, the IRS will have to calculate and process tens of thousands of payments.
You will be able to track your payment with the IRS, thanks to a tracking tool the agency will put on its website by April 17, the IRS told CNET.
These one-time stimulus payments are part of aintended for and stimulate the declining economy, like and shutter companies as a result of 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.
If you haven’t submitted your taxes yet and need a refund soon, here are the reasons you may want to, despite an automatic tax extension. Here is more information on to get your stimulus payment faster.
Dunning checks will start arriving next week
The IRS has said that the first checks for those who have a direct deposit set up with the IRS will begin to be released the week of April 13.
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 configure direct deposit to receive your payment directly to your bank account, the IRS said it expects to have an online tracking portal that you can use to configure and track electronic payments from here. April 17.
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.
When you can track the status of your payment
The IRS said it plans to have an online tracking tool called Get My Payment by April 17 that would display the status of your payment, including the date your payment should be deposited to your bank account. or sent by post.
The IRS said it also plans to send a letter to a taxpayer’s last known address within 15 days of the payment being sent. The letter will contain information about when the payment was made and how to report it if the check has not been received.
We will be checking out the IRS coronavirus page for more details over the next few weeks, and will also update this story with new information once the IRS launches the 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 .