These one-off payments are part of aintended to help you as people job losses and company closings due to the . Without calculation it is not clear how much you are entitled to a benefit. Your final deduction depends on a line in your tax form for your taxes for 2018 or 2019. You can or use a calculator to find out, but a little legwork is inevitable.
Another wrinkle is when you exactly receive the check – the amount is automatically displayed in your bank account or physical mailbox (more below).
(And if you haven't filed your taxes yet and are in need of a refund soon, here are reasons why you'll want to file taxes by April 15, despite an automatic tax renewal.)
Stimulus checks will begin arriving in mid-April.
Finance Minister Steven Mnuchin said that the first stimulus payments will go out within two weeks – around mid-April – for those who have made a direct deposit to the IRS.
The stimulus money will arrive in your bank account if you make a direct deposit to the IRS for past refunds during the tax season, or by mail with your registered address.
If you want to make a direct deposit to receive your payment directly into your bank account, the IRS has said it has an online tool that allows you to set up electronic payments in mid-April.
While we know when to expect the first checks, we don't know how long it will take the IRS to process a check for every entitled taxpayer, of which there could be over a hundred million.
You don't have to sign up to receive a check
To receive the incentive payment, you may need to file a tax return for 2018 or 2019 if that's normally required. You can still do that now..
Seniors, social security recipients, railroad retirees, and other beneficiaries who typically do not need to file a tax return do not need to apply for payment.
Can I check the status of my payment?
This is not yet clear. For federal tax refunds, the IRS has a refund status status, which allows you to check the status of your refund after you provide your Social Security number, application status, and refund amount.
As of now, the IRS has no comparable tool that allows you to track the status of your stimulus payment, and at this time we don't know if the agency will make an online tracker.
The IRS said it plans to send a letter to the taxpayer's last known address within 15 days of sending the payment. The letter contains information about when the payment was made and how to report it if the check has not been received.
We will be checking the IRS special coronavirus page for more information in the coming weeks and we will also update this story with new information as the IRS creates such a tool.
In the meantime, here's what you need to know about. For more information on Stimulation Controls, here and . Here's everything you need to know about .