Why you haven’t received your coronavirus stimulus check yet – CNBC

Thanks! Share it with your friends!

Close

The federal government has sent out a reported 80 million coronavirus stimulus checks by direct deposit to eligible recipients. If you weren’t included in the first wave of payments, then you will get one in the next few weeks, according to a memo from the House Ways and Means Committee.

The IRS will make additional rounds of payment via direct deposit and paper checks each week. The first round went to people the IRS already had direct deposit information on file for, from their 2018 or 2019 tax returns. The next round, according to the memo, will be sent to those who recently provided the IRS with their direct deposit information.

If you haven’t updated your direct deposit information and typically file taxes, the agency says to do so via its Get My Payment tool up until the tool indicates your payment has been processed. If you don’t normally file a tax return, you can use the agency’s non-filers tool to update your information. Direct deposit is the quickest way to get your payment: Those who provide it by Thursday of one week reportedly will be paid the following week, per the memo.

If you haven’t filed your 2019 taxes and are expecting a refund, you can also do that now and provide the IRS with your direct deposit information that way. 

The first round of paper checks is also expected to be mailed this week. They will be sent to the lowest-income Americans first, at a rate of five million per week. The IRS estimates it could take up to 20 weeks to mail all of the paper checks, and the Washington Post reviewed an internal IRS memo saying the last round would be mailed in September. If you moved since you last filed your taxes and can’t provide direct deposit information, you can change your address here.

Those who receive Social Security retirement, survivor, and disability insurance benefits and did not file a tax return in the last two years will start receiving their payments by direct deposit at the end of April. All Supplemental Security Income recipients will get their payment by early May, according to the memo. 

Source Article from https://www.cnbc.com/2020/04/20/why-you-havent-received-your-coronavirus-stimulus-check-yet.html

Comments

Write a comment