As you might have already heard, President Biden has signed The American Rescue Plan into law meaning we will all get another round of stimulus checks, yes!
Stimulus checks should be hitting individual’s bank accounts as soon as this weekend, but if there’s anything we learned about previous stimulus checks, is that sometimes we have to search high and low for them.
So to save time, here are four ways you can expect a check coming your way very soon.
Starting with the obvious and that is direct deposit.
For those of you who have filed for direct deposit on the last tax return and have not changed banks since then, you should expect a check coming your way via direct deposit.
Wave number two includes a paper check.
Some individuals can expect direct payments to be mailed one week after direct deposits begin.
Other people can expect EIP card recipients arriving one week after live checks.
Keep in mind that many checks have previously arrived in a plain envelope that looked like it was junk mail causing many people to toss that envelope in the trash; sort through your mail carefully this time folks.
Lastly, if you were eligible for a stimulus payment but failed to receive a check, it could be for handful of reasons.
1). You recently moved since filing your last tax return and the IRS does not have your current address on file.
2).You’ve changed banks and the IRS does not have the correct bank information if you have recently filed for direct deposit.
3). You are not required to file a tax return.
Keep in mind that if you don’t receive a stimulus payment even if you are eligible, don’t panic.
You can claim the funds on line 30 of your 2020 tax return (the Recovery Rebate Credit), even if you’re not required to file a tax return; however, if you remember already filing out your 2020 tax return, file an amended return by filling out IRS Form 1040-X.
If your rebate funds are recovered through the Recovery Rebate Credit, you will receive your stimulus check in the fourth wave of recipients, hallelujah!
The time that it will arrive will depend on when you have filed the claim.
We’re all excited to get another stimulus check, so keep an eye on your bank accounts this weekend folks!