Where's My CARES Act Stimulus Check?
April 15, 2020
Most Americans receiving a stimulus payment should expect to see the money in their bank account by April 15.
While the IRS is attempting to get payments to people as soon as possible by direct deposit, it's still going to have to issue paper checks to millions of people who haven't provided bank details.
Most people who qualify don't have to sign up or apply for anything to get a payment. The IRS is, however, urging non-filers to use its new tool to submit basic personal and bank details if they want to get their payment as soon as possible. Otherwise, they'll have to wait for a check.
If you receive a call, email, Facebook message, or other communication about your stimulus check, it's probably a scam. The government will never ask you to verify personal information over the phone and certainly will not ask for money.
Here's when you can expect your stimulus payment to arrive, based on all the information we have so far.
The schedule is subject to change. This post will be updated to reflect the latest information.
The IRS will begin making electronic payments the week of April 13
According to a Friday news release from the IRS, automatic payments will begin the week of April 13 for taxpayers who have filed a 2018 or 2019 tax return and qualify for a stimulus check.
Dependents older than 16, people without a Social Security number, and those with incomes above $99,000 (or $136,500 if you file as a head of household) will not be getting a stimulus check.
Up to 70 million people will be paid by April 15
Patricia McLaughlin, a spokeswoman for the Treasury, told the Washington Post that 50 million to 70 million people would have their payments deposited by April 15.
The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, stipulates that stimulus payments will also go to Americans on Social Security retirement and disability benefits, even if they haven't filed a recent tax return. The payments will be for the maximum amount — $1,200 — and paid by deposit or mailing information reported on tax forms SSA-1099 for Social Security recipients and RRB-1099 for people who retired from railroad service.
"Individuals who receive Social Security retirement or disability benefits, SSDI or who receive Railroad Retirement benefits but did not file a return for 2019 or 2018 will automatically receive a payment in the near future," the Friday news release said.
Non-filers can also get payments quickly if they provide the IRS with bank information through its new online tool. Americans who didn't have a tax liability in 2018 or 2019, Veterans Affairs beneficiaries, and Supplemental Security Income (SSI) recipients can use the free tool to submit direct-deposit and other basic personal information.
TurboTax has also launched a free portal of its own for those who want to submit direct-deposit details to the IRS.
Paper checks will start going out April 24
Those who have not filed a tax return in the past two years or do not have direct-deposit information on file with the IRS through other avenues (e.g. benefits statements or the non-filer tool) can expect to receive a paper check to their last known address.
The IRS will begin issuing these checks on April 24, according to an internal memo reviewed by The Post, and prioritize low-income Americans.
Checks for people with an adjusted gross income (AGI) of $10,000 or less will be sent out around April 24.
The last group of people to get paid should be issued paper checks by September 11
From there, the IRS will send out 5 million paper checks a week, moving up the income thresholds in $10,000 increments, according to The Post's report. For instance, people with incomes above $20,000 and less than $30,000 will be sent checks on May 1. On May 8, people with incomes between $30,000 and $40,000 will be sent checks, and so on.
The process of mailing checks is expected to continue until September 4, when joint filers with an AGI of $198,000 — the cutoff for the minimum stimulus payment — will receive theirs.
According to The Post, remaining payments for those who the IRS had no prior deposit information will be sent on September 11.
Posted Article: https://www.businessinsider.com/personal-finance/wheres-my-stimulus-check-when-payments-are-coming-2020-4