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The first batch of $ 1,400 stimulus checks goes out this weekend. But some residents may not receive their check until next week, according to the Internal Revenue Service.
It comes after the $ 1.9 trillion COVID-19 relief package received the final seal of approval from President Joe Biden on Thursday. The funds are aimed at helping the United States fight the coronavirus pandemic and ease the additional stress on the nation’s economy.
On Saturday, the first round of stimulus checks had already been sent out, but it’s unclear how many Americans will receive them.
If you don’t receive your check this weekend, you may receive it next week, either by direct deposit or by mail as a check or prepaid debit card, according to the IRS. The vast majority will be sent by direct deposit.
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In addition to the stimulus checks, the relief program is also extending weekly emergency unemployment benefits by $ 300 until early September and will also expand tax credits over the next year for children, the child care and family leave, according to an Associated Press report.
While you wait to receive your stimulus check in the mail, here’s what you can do in the meantime:
Starting 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, on Saturday, the IRS is still reviewing the tax provisions of the COVID-19 relief program.
People are urged not to call the IRS about their stimulus checks. Once the site launches on Monday, you should be able to know when you will receive your check.
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You can visit the website here.
Your stimulus check will be calculated on your 2019 or 2020 tax return, whichever you completed most recently, 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 who 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 do the calculation based on that return, ”the IRS said in a statement.
If your income has fallen in 2020, chances are your stimulus check will be bigger as a result, according to a CNBC report.
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This third round of stimulus checks will be “bigger for most people,” the IRS said, because most families will receive $ 1,400 per person, including any dependents claimed on their tax returns.
“Typically, this means that a single person with no dependents will receive $ 1,400, while a family of four (married couple with two dependents) will receive $ 5,600,” the IRS said.
You can learn more about filing taxes on the IRS website.
There are millions of stimulus checks being distributed across the country.
With that in mind, remember that patience is the key.
The IRS said the payments will be automatic and you won’t have to take any action to make sure your stimulus check arrives.
If you’re feeling anxious on Monday and you still haven’t received your check, remember that you can also use the Get My Payment tool.
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If you’re still not sure if you’re eligible to receive a stimulus check, here’s what you need to know:
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Stimulus checks will be $ 1,400 per person and dependent.
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Single filers earning an adjusted gross income of up to $ 75,000 and whose heads of households earn up to $ 112,500, they will receive $ 1,400, according to a CNBC report.
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Married couples earning up to $ 150,000 are eligible for $ 2,800, according to CNBC. These taxpayers will also receive $ 1,400 for each dependent, reports CNBC.
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Residents must also have a Social Security number to be eligible to receive a stimulus payment.
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Payments will also be based on the AGI 2020 if a resident has already filed income tax returns for the past year. Otherwise, payments will be based on 2019 earnings, according to CNBC.
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Payments will again be sent by direct deposit, as will the other two stimulus checks. However, if the Internal Revenue Service does not have your direct deposit information, you can receive your check in the mail.
The president will discuss the COVID-19 relief package in more detail and what to expect in this next phase of the nation’s fight against the pandemic at 7 p.m. Thursday during his speech. You can watch Biden’s speech here.
RELATED: President Joe Biden Signs $ 1.9 Billion Relief Bill Ahead of Prime Time Speech
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