The first batch of the $1,400 stimulus checks are being sent out this weekend. But, some residents may not receive their check until next week, according to the Internal Revenue Service.
This comes after the $1.9 trillion COVID-19 relief package received the final seal of approval from President Joe Biden on Thursday. The funds aim to help the U.S. combat the coronavirus pandemic and help alleviate the added stress put on the nation’s economy.
As of Saturday, the first round of stimulus checks were already being sent out, but it’s unclear exactly how many Americans will receive them.
If you don’t receive your check this weekend, you may receive it next week, either through direct deposit or through the mail as a check or a prepaid debit card, according to the IRS. The vast majority will be sent via direct deposit.
In addition to the stimulus checks, the relief package also extends $300 weekly emergency unemployment benefits into early September and will also expand tax credits over the next year for children, child care and family leave, according to a report from the Associated Press.
While you’re waiting to receive your stimulus check in the mail, here’s what you can do in the meantime:
On Monday, track your stimulus payment online
Beginning Monday, March 15, the IRS will launch its “Get My Payment” website so residents can track the status of their stimulus check.
According to the website, as of Saturday, the IRS is still reviewing the tax provisions of the COVID-19 relief package.
People are urged not to call the IRS about their stimulus checks. Once the site launches on Monday you should be able to track when you may receive your check.
You can visit the website here.
Don’t forget to file your 2020 tax return
Your stimulus check will be calculated on your 2019 or 2020 tax return, whichever one you’ve most recently completed, according to the IRS.
In other words, if the IRS has already received your 2020 tax return, your third stimulus check will be based on that.
“This includes anyone who successfully registered online at IRS.gov using the agency’s Non-Filers tool last year, or alternatively, submitted a special simplified tax return to the IRS. If the IRS has received and processed a taxpayer’s 2020 return, the agency will instead make the calculation based on that return,” the IRS said in a statement.
If your income dropped in 2020, it’s likely your stimulus check will be larger as a result, according to a report from CNBC.
This third round of stimulus checks will be “larger for most people,” the IRS said, as most families will receive $1,400 per person, including all dependents claimed on their tax returns.
“Typically, this means a single person with no dependents will get $1,400, while a family of four (married couple with two dependents) will get $5,600,” the IRS said.
You can learn more about filing taxes on the IRS’ website.
Just wait it out, be patient
There are millions of stimulus checks in the process of being distributed across the nation.
With this in mind, just remember that patience is key.
The IRS said the payments will be automatic and that you won’t need to take any action to ensure your stimulus check arrives.
If you’re feeling antsy on Monday and still haven’t received your check, don’t forget that you can also use the Get My Payment tool.
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If you’re still unsure if you qualify to receive a stimulus check, here’s what you need to know:
The stimulus checks will be up to $1,400 per individual and dependent.
Single filers earning an adjusted gross income of up to $75,000, and with heads of a household earning up to $112,500, they will receive $1,400, according to a report from CNBC.
Married couples earning up to $150,000 are eligible to receive $2,800, according to CNBC. Those taxpayers will also receive $1,400 for each dependent, CNBC reports.
Residents must also have a Social Security Number to be eligible to receive a stimulus payment.
The payments will also be based on 2020 AGI if a resident has already filed tax returns for last year. If not, the payments will be based on 2019 income, according to CNBC.
How will I receive my stimulus check?
The payments will again be sent out through direct deposit, just like the other two stimulus checks. However, if the Internal Revenue Service doesn’t have your direct deposit information, you may receive your check in the mail.
The president will further discuss the COVID-19 relief package and what can be expected in this next phase of the nation’s fight against the pandemic at 7 p.m., Thursday, during his address. You can watch Biden’s speech here.