There are $600 incentive checks on the way. This is who gets them first – Community News
Stimulus Check

There are $600 incentive checks on the way. This is who gets them first

Your stimulus check comes this way if you set up a direct deposit with the IRS for your 2019 tax return by providing them with your bank account information. If that information has changed, it will delay the receipt of your stimulus check, according to the IRS.

Direct deposits will begin Tuesday night and continue through next week, Mnuchin said.

Paper checks and debit cards

If you haven’t set up a direct deposit with the IRS, a stimulus check will likely take longer to arrive because it will be mailed to you in the form of a paper check or debit card. If you’ve set up a direct deposit but don’t receive your check this way in early January, the IRS says you should keep a close eye on your mail.

According to Mnuchin and the IRS, paper and debit card checks will be sent to eligible recipients starting Wednesday.

More from Invest in You:
7 Money Moves to Do Now to Start the New Year Strong
Trump Signs $600 Checks; vote for $2,000 payments still taking place
The steps to take to prepare for financial emergencies in 2021

For those who receive a paper check or debit card, payments will be completed in January, the IRS said. Later this week, eligible Americans will be able to track the status of their checks through the “Get My Payment” tool on the IRS site.

The $600 payments are automatic to eligible individuals, meaning no action is required to receive them, according to the IRS. Those who qualify are not required to contact their financial institutions or the IRS with questions about the timing of payments, according to a statement from the agency.

What if the amount changes or I don’t get a check?

The latest Covid relief bill includes instant checks for $600 for eligible adults and $600 per dependent, meaning a family of four could receive $2,400. Individuals who earned less than $75,000 and those who were married together and who made less than $150,000 in 2019 are eligible for the full amount.

Those who earned more qualify for reduced stimulus checks. But the checks will disappear completely for individuals who made $87,000 and couples who made $174,000 in 2019.

About the author

Rakesh

Add Comment

Click here to post a comment