WASHINGTON (WIVB) – The Internal Revenue Service tweeted over the weekend that it began to deposit stimulus checks into Americans’ bank accounts. Financial experts say it’s a good time to keep a close eye on the status of your payment.
As part of a record $2 trillion stimulus package, the federal government is issuing $1,200 deposits to individual Americans making less than $75,000, or $2,400 deposits to couples making less than $150,000. An additional $500 payment will be issued for each qualifying child. Congress passed the package in response to the coronavirus crisis.
The IRS will be using taxpayers 2019 or 2018 tax return as a guideline. Generally, the feds will send you the money the same way they issued your refund. About 15 days after the IRS sends you the money, they’ll be sending you a letter in the mail.
Steven Elwell, the Chief Investment Officer for Level Financial Advisors explained the importance of that letter.
“(It tells) them, ‘We made the payment. Here’s how we did it, whether that was a check to your address or that was a direct deposit,'” Elwell said. “So if you get one of those letters but you have not seen a direct deposit or check come in the mail, that’s your indication that the payment has been made, but something went wrong.”
Those who wouldn’t normally file a tax return can still be eligible for a stimulus check, as long as they qualify. Late last week, the IRS set up a feature on its website for those people. They are asked to share basic information with the IRS, including bank account details. It’s designed to get them the money as quickly as possible.
“If you haven’t filed a tax return in the last few years because you have no income, or low income, or only social security or social security disability income, and you had not previously given your bank details by filing any old tax returns, you would be someone who they would be targeting to potentially use this new tool,” Elwell said.