If you meet the requirements, the first economic stimulus checks from the IRS are expected to go out within days, around the middle of April. For eligible US taxpayers anticipating a, you may be wondering when your check will arrive, and if you can track your payment status with the IRS. Good questions. Here’s so far what we know, with future updates as we learn more about the IRS and Treasury Department’s plans.
These one-time payments are part of aintended to help you , as people lose their jobs and businesses shutter as a result of the . It isn’t clear without calculation how much you’re entitled to receive. Your final allowance depends on a line in your tax form from either your 2018 or 2019 taxes. You can or use a calculator to find out, but a little legwork is unavoidable.
Another wrinkle is when exactly you’ll receive the check — the amount will appear automatically either in your bank account or physical mailbox (more below).
(And if you haven’t submitted your taxes yet and need a refund soon, here are reasons you might want to, despite an automatic tax extension.)
Stimulus checks will begin to arrive in mid-April
Treasury Secretary Steven Mnuchin said the first stimulus payments will go out within two weeks — around mid-April — for those who have direct deposit set up with the IRS.
The stimulus money will arrive either in your bank account if you set up direct deposit with the IRS for past refunds during tax season, or in the mail with your registered address.
If you would like to set up direct deposit to receive your payment directly to your bank account, the IRS said it will have an online tool you can use to set up electronic payments by mid-April.
While we know when to expect the first checks, we don’t know how long it will take for the IRS to process a check for every entitled taxpayer, of which there could be more than a hundred million.
You don’t need to sign up to receive a check
To receive the stimulus payment, you may need to file a tax return for 2018 or 2019 if you are normally required to. You can still do that now..
Senior citizens, Social Security recipients, railroad retirees and other beneficiaries who typically are not required to file tax returns will not need to file one to receive a payment.
Can I check the status of my payment?
This isn’t yet clear. For federal tax refunds, the IRS has a Get Refund Status page that lets you check the status of your refund after you supply your social security number, filing status and refund amount.
As of now, the IRS does not have a similar tool that lets you track the status of your stimulus payment, and at this point we don’t know if the agency will create an an online tracker.
The IRS said it does plan to mail a letter to a taxpayer’s last known address within 15 days after sending the payment. The letter will contain information on when the payment was made and how to report it if the check wasn’t received.
We’ll be checking the IRS’s dedicated coronavirus page for more details over the coming weeks, and will also update this story with new information if the IRS does create such a tool.
In the meantime, here’s what you need to know about. For more on the stimulus checks, here’s and . Here’s everything you need to know about .