I know it’s something we’ve all been wondering and I might just have a little bit of good news to brighten your day.
The IRS Has Released New Information On When You Can Expect Your $1,200 Stimulus Check and Here’s What We Know.
According to The Washington Post, The Internal Revenue Service plans to send electronic payments as soon as April 9th.
This is a week ahead of the original schedule.
However, this is NOT for all Americans and some, may even have to wait until September (5 months) to receive their checks. Yikes!
The reason being?
The IRS needs time to create, print and mail checks to those that have not filed their taxes electronically or received a refund over the last 2 years.
I mean, that makes sense.
Apparently, Patricia McLaughlin, who is a spokeswoman for the Treasury Department said in an email that “the overwhelming majority of eligible Americans” will receive stimulus payments within the next three weeks.
She also said that Treasury expects 50 million to 70 million Americans to receive checks through direct deposit by April 15 which is next week.
According to the Washington post, here is how the check distribution will be prioritized:
The IRS plan would distribute paper checks to the lowest-income Americans first, prioritizing payments for individual taxpayers with incomes of $10,000 or less on April 24.
Checks for earners of $20,000 or less would be in the mail May 1, followed by those with incomes of $30,000 on May 8, $40,000 on May 15, and continuing in income increments of $10,000 each week, according to the plan. The IRS plans to issue about 5 million checks each week.
Stimulus checks would be issued on Sept. 4 to joint taxpayers earning $198,000, the maximum allowed under the stimulus. All others would be sent on Sept. 11, in most cases because the IRS did not have prior tax information for them and they need to apply for the checks.
So, now we know when the checks are supposed to be coming. But if you are wondering if the IRS has your info and the fastest way to ensure that, check out that information here. You can also use the free tool here to input your correct information.