With huge swaths of the U.S. population out of work due to the COVID-19 pandemic, the economy has taken a huge hit. In response, the government has started sending stimulus checks of $1,200 to individuals who make less than $75,000 a year.
There are some adjustments to the amount of your check depending on whether you are married or have kids, but the point is, deposits are starting to be made to bank accounts around the nation. That has prompted one very important question from many.
When will I get my stimulus check?
So, here's the thing. There are several options, and it will depend on how you've filed your taxes in the past, specifically in 2018 and 2019. I know. Not ideal. I'd love to be able to say, "Everyone's money will appear in their bank account on April 15 like magic!" but that's unfortunately not the case.
The other unfair thing is that some people have already started receiving their checks. And like, good for them, I guess. But for the rest of us, it might be another few weeks before we get ours.
The first stimulus payments started to arrive in people's bank accounts on April 11.
According to Fool.com, "The House Ways and Means Committee estimates that the IRS will make about 60 million direct deposit payments in mid-April. This group will primarily include households whose direct deposit information is already on file with the IRS from their 2018 or 2019 tax return."
Then, in the last half of April, the IRS will make a second round of payments to those who receive Social Security benefits and don't file tax returns and receive their payments by direct deposit.
Finally, if you're one of those people who hasn't given your direct deposit info to the IRS and you still receive checks for your returns, the IRS will be mailing out paper checks to those people in May.
How can you find out when you will receive your stimulus check?
If you are one of those people who is checking their bank account every day to see if the money miraculously appeared, A) you are not alone, and B) there will be a way to find out.
On Friday, April 17, the IRS is launching the "Get My Payment" tool on its Economic Impact Payments page. You can go there to check the status of your stimulus payment. The not knowing is the hard part. This tool will allow you to see when your check will be deposited or mailed to you. Phew.
What if I didn't give the IRS my direct deposit information on my 2018 or 2019 taxes?
There's good news! You can also use the "Get My Payment" tool to share that info with the IRS when it launches on April 17. I do think that lots of people will try and access the site that day, so you might want to try to get on early in the morning if you're going to try to do this.
The last helpful function of the "Get My Payment" tool is that if your payment hasn't been issued yet, you will be able to choose and confirm whether you want to receive it by direct deposit or check. Hint, hint: Direct deposit is way faster.
What if I didn't file a tax return in 2018 or 2019?
Anyone who doesn't file a tax return, do not despair! You get a whole special portal on the IRS website where you can enter your payment info.
It may seem like these stimulus payments are taking forever, but think about how many checks have to go out. It's...a lot. In the meantime, There are tons of people tweeting funny things about how we're all aging rapidly waiting for these checks to appear in our bank accounts.
Isn't it a little comforting to know that we are all in this together? That we're all logging into our bank accounts every day hoping and wishing and praying that our accounts have $1,200 more in them?
But the real comfort is that come May, almost all of us who are expecting a check should have it. And even though the months seem eternally long these days, it is already mid-April! May is mere weeks away. For now enjoy the suffering others are also going through painfully waiting.