When Will You Get Your Stimulus Money?
According to the IRS direct deposits could start as soon as late next week, a week sooner than anticipated. How fast you get your money will depend on how you elected to get a tax refund in the past. 8 out of 10 taxpayers have received direct deposit for their refunds. Because the government has that banking information, those who elected direct deposit will receive their stimulus money first. These taxpayers can expect to receive their money within the next two weeks.
However, due to the amount of paper checks that need to be mailed, there could be longer delays for some. According to Boston.com: “some of those checks won’t reach people until September, underscoring the reality that many Americans could have to wait five months to receive their checks.”
The IRS plan is to send paper checks to those earning the lowest income first. Those people that made $10,000 or less in 2019 (or 2018 if you have not filed yet) will get their checks issues first. This should start on April 24.
Here’s the schedule for other incomes:
- May 1st: Those that made $20,000 or less
- May 8th: Those that made $30,000 or less
- The schedule will continue by $10,000 a week
- The taxpayers who earn the max allowed under the stimulus plan will get issued their checks on 9/4.
All others will get theirs issued the week of 9/11. This would be for those whom IRS doesn’t have tax information for. Those people will need to apply for the checks.
For more information go HERE
Be sure to check back frequently HERE as the IRS updates the website.
Source: Boston.com
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