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These $ 1,400 stimulus checks are starting to hit bank accounts this weekend.
The IRS announced Friday that the first batch will go out by direct entry.
It is unclear exactly how many of the estimated 159 million payments are to be sent in this first deployment.
According to officials, the IRS and the Treasury Department are working to disburse as much as $ 1,400 electronic money as possible. Additional payments will be sent by post by paper check or debit card.
Over the next few weeks, the vast majority of payments are expected to unfold.
More information on personal finance:
Here’s who meets the requirements to get $ 1,400 of incentive
New $ 1,400 stimulus checks could be adorned for unpaid debts
Why Americans paid more than $ 66 million to cash the first stimulus checks
Stimulus assistance can reach $ 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 delivered automatically to taxpayers, even as long as the IRS continues to deliver tax returns regularly,” IRS Commissioner Chuck Rettig said in a statement.
If you do not receive any payment or less than expected income, you may fear that you will lose it. If so, here’s what you can do.
Go to the “Get my payment” site
Starting Monday, the IRS Get My Payment website will show the status of third-party payments.
This site will be updated regularly as payments are processed.
Unfortunately, it is not equipped to allow you to send new or different bank account information.
File your 2020 tax return
$ 1,400 stimulus checks will generally be calculated on your 2019 or 2020 tax returns, the one you filed most recently.
If the IRS has received and processed your 2020 application, your third stimulus check will be based on that.
This is important to know, because if your income went down in 2020, your stimulus check will be bigger.
If the government submits your payment based on your 2019 return, it will assess whether the total should have been higher and potentially complete it with an ongoing payment.
The filing of the 2020 tax return quickly has several advantages.
First, you can update your direct deposit information, if necessary.
Second, filing it as soon as possible may reveal that it was eligible for additional stimulus funds from the previous two rounds of payments.
Third, there may be other stimulus benefits for which you may qualify. Includes income tax credit, child credit, or other tax benefits.
At this time, there are no plans to reopen the tool that did not request files that was available last year. Instead, these people are encouraged to file a tax return to receive their money.
The IRS has more information about free submission tools on its website.
Be patient
It may take some time for your payment to arrive.
According to the IRS, for most taxpayers, no action is required to request a payment.
The money will be automatically sent to individuals and families who meet the requirements that the government has registered.
It includes those people who do not normally file tax returns who used the tool they did not apply for last year or who filed a special simplified return.
It also includes federal beneficiaries who receive Social Security benefits, supplemental security income, railroad retirement, or veteran affairs.