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Those $ 1,400 stimulus checks are starting to hit bank accounts this weekend.
The IRS announced Friday that the first batch will be sent via direct deposit.
It is unclear exactly how many of the estimated 159 million payments will be sent on this initial deployment.
The IRS and the Treasury Department are working to pay out as many of the $ 1,400 checks electronically as possible, officials said. Additional payments are sent by mail with a paper check or debit card.
The vast majority of payments are expected to be deployed in the coming weeks.
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The incentive aid can go up to $ 1,400 per person, $ 2,800 per couple, plus $ 1,400 per dependent. For a family of four, that would be $ 5,600.
“The payments will be automatically delivered to the taxpayer, even if the IRS continues to issue regular tax refunds,” IRS Commissioner Chuck Rettig said in a statement.
If you don’t receive a payment or a smaller deposit than you expected, you may be concerned that you are missing out. If so, here’s what you can do.
Go to the site ‘Get my payment’
Starting Monday, the IRS Get My Payment website will show the status of the third party payments.
That site is regularly updated while payments are processed.
Unfortunately, it is not equipped to let you submit new or different bank account information.
Submit your tax return for 2020
The $ 1,400 stimulus checks are generally calculated based on the 2019 or 2020 tax returns, depending on what you last filed.
If the IRS has received and processed your application for 2020, your third stimulus check will be based on that.
This is important to know because if your income falls in 2020, your stimulus check will increase.
If the government sends your payment based on your return for 2019, it will evaluate whether the total should have been greater and possibly make a follow-up payment.
Submitting your 2020 tax return on time has several advantages.
First, you can update your direct deposit information if needed.
Second, submitting as soon as possible can prove that you were eligible for additional incentive funds from the previous two rounds of payment.
Third, there may be other incentive benefits that you may qualify for. This also applies to the payroll tax credit, the child tax credit or other tax benefits.
At this point, there are no plans to reopen the no-filers tool that was available last year. Instead, those people are encouraged to file a tax return to receive their money.
The IRS has more information about free filing tools on its website.
Be patient
It may take a while for your payment to arrive.
For most taxpayers, no action is required to get payment, according to the IRS.
The money is automatically sent to eligible individuals and families registered by the government.
That includes people who typically don’t file a tax return who used the non-filer tool last year or who filed a special simplified tax return.
It also includes federal beneficiaries who receive Social Security, supplemental security income, railroad retirement, or veteran affairs.