When you should get your stimulus check and how you can track it
The federal government says most direct deposits should be in people's bank accounts by the end of the day Wednesday.
If you don't get yours, here's what's next.
For many, stimulus checks are a lifeline coming just in time.
The payments will go to anyone who:
- Is a U.S. citizen or resident alien who has a valid Social Security Number
- Could not be claimed as a dependent of another taxpayer
- Meets the income requirements- $1,200 per single filer who makes below $75,000 and $2,400 for couples making under $150,000 combined.
The checks will go out in three waves.
Most payments will go out this week, that includes social security recipients who filed tax returns and included their direct deposit information.
Look for direct deposit from the IRS treasury in your statements.
The second wave will go to social security recipients who did not file 2018 or 2019 returns and receive their benefits through direct deposit.
The final wave will happen in late April or early May, the IRS will mail paper checks to households at a rate of five million per week.
The paper checks will go to households with the lowest adjusted gross income and continue up.
You can submit your banking information for the IRS at www.irs.gov.
The IRS launched a tracking tool called 'Get my Payment' on Wednesday.
The tool will help you get an idea when you can expect a deposit or a check in the mail.
If you filed tax returns in 2018 or 2019 and did not provide your direct deposit information, or didn't get a refund at all, you'll be able to share your account information using this tool.
Also when tracking your payment, if it hasn't been issued yet, you can choose if you want to receive it by direct deposit or check.
Once you receive your check, how should you spend it?
If you've lost your job, financial experts say that's simple. You should cover your necessities like food and rent.
If you still have a job, experts say the three best ways to spend your check:
- Fill your rainy day account. We do not know how long this will last, and you should not expect another check. Your rainy day fund should cover three to six months of your expenses.
- Pay down your debts, particularly credit card debt. Even if you only make a minimum payment, this will keep your credit score in good standing.
- Invest while equities are low, or if you can afford to, donate your money to those in need.
If you owe money to the IRS, your check won't be reduced.
"If by chance, you happen to have owe the IRS money or are on an installment agreement, you will still get this stimulus payment," an accountant told ABC13. "As long as you're still getting qualified under the income roles, they will not take it. The only way they'll take it is if you owe back child support that is still the case,"
Remember, the stimulus checks are not taxable income. You will not have to pay them back next spring.
