The Internal Revenue Service will begin making about 60 million direct deposit payments in mid-April to the people who have bank account information on file with the IRS.
Those payments will take about three weeks to process. The IRS then will begin putting paper checks in the mail in early May.
The IRS will send approximately 100 million checks at a rate of 5 million per week, which could take 20 weeks, according to the committee’s document, meaning the final round of payments may not go out until September. The checks will be issued in reverse “adjusted gross income” order—starting with people with the lowest income first.
So bottom line. If the IRS Doesn’t have your direct deposit information ... a paper check may take up to 20 weeks.
To solve this problem ...The IRS expects to create a portal later this month or in early May to let people update their direct deposit information and check on the status of their payment. So. When the portal is created ( it’s not yet ) go there to Create or update your bank info.
The stimulus payment will depend on your adjusted gross income as reported on either your 2018 or 2019 taxes. If you haven't yet filed your 2019 return, your 2018 return will be used to figure out if you qualify.
If you haven’t filed a 2018 or 2019 return. ( Not everyone files a tax return. Low-income households, for example, often aren't required to submit one and therefore don't), you can submit your 2019 return ASAP and include your bank account details. The IRS, in fact, is urging those who normally don't have to file to submit a simple tax return as quickly as possible.
Seniors on Social Security who typically don't file taxes don't have to take this added step, though -- their eligibility to receive a stimulus payment will be based on their annual Social Security benefits statements.
Bottom line : don't make the government hunt you down to get you your payment, or you may find yourself waiting much longer than necessary to collect that windfall.
Some quick answers re: the $1200 stimulus check.
The Internal Revenue Service will begin making about 60 million direct deposit payments in mid-April to the people who have bank account information on file with the IRS.
Those payments will take about three weeks to process. The IRS then will begin putting paper checks in the mail in early May.
The IRS will send approximately 100 million checks at a rate of 5 million per week, which could take 20 weeks, according to the committee’s document, meaning the final round of payments may not go out until September. The checks will be issued in reverse “adjusted gross income” order—starting with people with the lowest income first.
So bottom line. If the IRS Doesn’t have your direct deposit information ... a paper check may take up to 20 weeks.
To solve this problem ...The IRS expects to create a portal later this month or in early May to let people update their direct deposit information and check on the status of their payment. So. When the portal is created ( it’s not yet ) go there to Create or update your bank info.
The stimulus payment will depend on your adjusted gross income as reported on either your 2018 or 2019 taxes. If you haven't yet filed your 2019 return, your 2018 return will be used to figure out if you qualify.
If you haven’t filed a 2018 or 2019 return. ( Not everyone files a tax return. Low-income households, for example, often aren't required to submit one and therefore don't), you can submit your 2019 return ASAP and include your bank account details. The IRS, in fact, is urging those who normally don't have to file to submit a simple tax return as quickly as possible.
Seniors on Social Security who typically don't file taxes don't have to take this added step, though -- their eligibility to receive a stimulus payment will be based on their annual Social Security benefits statements.
Bottom line : don't make the government hunt you down to get you your payment, or you may find yourself waiting much longer than necessary to collect that windfall.