Your check is on the way!! Happy spending or should I say Happy saving.
Where’s your coronavirus money? Officials say the first $1,200 checks are on track to be paid the week of April 13.
That’s right: Somewhat ironically, the IRS will start sending direct deposits at almost the exact same time it normally expects people to file their taxes. (Tax Day is usually April 15, but the 2020 filing deadline has been moved to July 15 according to the $2 trillion coronavirus aid package.)
Yet while the first payments are expected to be sent to taxpayers in mid-April, it could take a lot longer for your check to arrive — assuming you meet the eligibility requirements.
As of Monday, March 30, the IRS said the payments, worth up to $1,200 per adult, would start being distributed “within the next three weeks.” A few days later, on Thursday, April 2, Treasury Secretary Steven Mnuchin — who oversees the IRS — said at a press conference that the timeline was shifting and the first payments would arrive in some if not most taxpayers’ accounts via direct deposit “within two weeks.”
What’s unclear, however, is when the last checks will be sent to taxpayers. Federal officials insist that the vast majority of check recipients will get their payments by early May if not the middle of April. But people who have not given their bank direct deposit information to the IRS and therefore must receive paper checks could see significant delays in their payments.
How to Get a Payment Faster
To get your check as soon as possible, make sure you do two things:
• File your taxes for the 2018 or 2019 tax year, if you haven’t already.
• Provide the IRS with your direct deposit information.
Your tax return includes your adjusted gross income and the ages of any dependents you claim. That’s all the information the IRS needs to determine if you’re eligible for a check, and how much you get. (It’s a maximum of $1,200 per adult, and $500 for every dependent 16 and under.)
The first coronavirus payments will be made directly to the bank accounts of taxpayers whose information is already on file with the IRS from the last time they did their taxes. That’s why you should make sure the IRS has your bank direct deposit details; if you haven’t given this information to the IRS, it could take a lot longer to get your check.
Make sure to have direct deposit if you want fast money!!