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Those $ 1,400 stimulus checks are starting to hit bank accounts this weekend.
The IRS announced Friday that the first batch will go out via direct deposit.
It’s unclear exactly how many of the estimated 159 million payments are scheduled to ship in this first rollout.
The IRS and the Treasury Department are working to disburse as many $ 1,400 checks as possible electronically, according to officials. Additional payments will be sent by paper check or debit card in the mail.
Over the next several weeks, the vast majority of payments are expected to be implemented.
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Stimulus assistance can be $ 1,400 per person, $ 2,800 per married couple, plus $ 1,400 per dependent. For a family of four, that would be $ 5,600.
“Payments will be automatically released to taxpayers even as the IRS continues to provide regular tax refunds,” IRS Commissioner Chuck Rettig said in a statement.
If you don’t receive a payment or you receive a smaller deposit than you anticipated, you may fear that you are missing it. If that’s the case, here is what you can do.
Go to the “Get My Payment” site
Starting Monday, the IRS Get My Payment website will display the status of third-party payments.
That site will be updated periodically as payments are processed.
Unfortunately, it is not equipped to allow you to submit new or different bank account information.
File your 2020 tax return
Stimulus checks of $ 1,400 will generally be calculated on your 2019 or 2020 tax returns, whichever you filed most recently.
If the IRS has received and processed your 2020 filing, your third stimulus check will be based on that.
This is important to know because if your income falls in 2020, your stimulus check will be higher as a result.
If the government sends your payment based on your 2019 return, it will assess whether the total should have been higher and potentially fill it in at a later payment.
Filing your 2020 tax return promptly has several advantages.
First, you can update your direct deposit information, if necessary.
Second, applying as early as possible may reveal that you were eligible to receive additional stimulus funds from the previous two payment rounds.
Third, there may be other stimulus benefits that you may qualify for. That includes the earned income tax credit, child tax credit, or other tax benefits.
At this time, there are no plans to reopen the tool for non-filers that was available last year. Instead, those individuals are encouraged to file a tax return to receive their money.
The IRS has more information on free filing tools on its website.
Your payment may take time to arrive.
For most taxpayers, no action is needed to request a payment, according to the IRS.
The money will automatically be sent to qualified individuals and families that the government has on file.
That includes non-filing individuals who used the non-filers tool last year or who filed a special simplified tax return.
It also includes federal beneficiaries who receive benefits from Social Security, Supplemental Security Income, Railroad Retirement, or Veterans Affairs.