When will you see your Stimulus Check?
The Internal Revenue Service started sending out stimulus payments this week and while some will see that money this week, others will have to wait a while.
The first payments will go to those who’ve already filed their 2018 or 2019 tax returns and authorized the Internal Revenue Service to make a direct deposit if they were due a refund. Within that group, the agency is starting with people with the lowest incomes.
Social Security recipients will also automatically receive their payments, even if they haven’t filed a return.
There are tens of millions of people who don’t fall into those categories. Taxpayers who haven’t authorized a direct deposit could be waiting weeks for a check in the mail.
Those who haven’t been required to file a return during the past two years may have to submit some information online before receiving the payment.
The Treasury Department has said that “a large majority of eligible Americans” will receive the payments, which were authorized under the $2.2 trillion congressional coronavirus relief plan in March, by April 24.
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How do I check on the status of my payment?
You’ll need to enter your Social Security number, date of birth and mailing address in order to track your payment.
Am I eligible?
Eligibility is largely based on income, and it excludes individuals earning more than $99,000 and married couples (without children) earning more than $198,000. Those who can be claimed as a dependent for tax purposes, like many college students, are also ineligible for the payments, as well as undocumented immigrants who don’t have Social Security numbers.
But everyone else should receive some money.
How much will I get?
Individuals are due up to $1,200 and couples will receive up to $2,400 — plus $500 per child.
But payments start phasing out for individuals with adjusted gross incomes of more than $75,000 and married couples who earn more than $150,000. The amount will then be reduced by $5 for every additional $100 of adjusted gross income.
See how much you’re eligible for here.
How can I get my money faster?
The IRS is first sending money to those it has bank account information on file. That might not be you if you haven’t received a tax refund over the past two years — or if you received a refund by a check in the mail, rather than by a direct deposit.
But the Get My Payment tool will also allow taxpayers to input their bank or credit union account information so that they can receive the money electronically rather than by a paper check — which could take weeks, or even months.
To do so, a taxpayer will need to submit their adjusted gross income from their most recent tax return, the refund or amount owed that year, as well as the account and routing numbers for their bank/credit union account.
However, taxpayers won’t be able to update their bank information once the payment is already scheduled for delivery, and it won’t allow you to update bank information already on file.
What if I haven’t filed a tax return?
Millions of people are not normally required to file tax returns and those folks will need to take action before receiving their stimulus money.
The IRS created an online tool that asks for basic information including name, date of birth, and Social Security number for the person filing and his or her dependents.