On March 15, 2021, President Joe Biden proposed to give 100 million stimulus checks in 10 days to all taxpayers that are eligible for it. The American Rescue Plan implements to send $1,400 stimulus checks to 85% of the American families.
Soon after, millions of commoners of America heard Biden’s announcement, two days later they checked to see a deposit of the payment in their bank accounts. The direct depositing in their bank account is proof of Biden’s capability to be a man of his word.
In this account, we will educate you on your stimulus check status and how you can keep track of it.
When will you get your stimulus check?
According to a statement of the American Bankers Association in a press release that from March 17 the stimulus payments by the IRS funding has become accessible in millions of banks and credit unions.
Together the IRS, officials of Treasury Department officials, and the Bureau of the Fiscal Service directed the first stimulus checks through the ACH system, known as the Automated Clearing House method.
The taxpayers that are eligible for the stimulus check receiving got their payments upon the end of the second week of March, by 13th or 14th to be specific. Other banks distributed the stimulus checks effective by March 17 for their customers.
Chime Bank on March 13 tweeted boasting about its early distribution of stimulus checks to millions of its patrons. The bank had transferred in its customers’ bank accounts more than $3B with an additional amount on its merry way. This payment was made five days before most traditional bank accounts.
Other bank customers are set to receive the payments at a more gradual pace. The payments are directly deposited in the bank accounts of those who have their details right with the IRS. In the second round, the banks will send prepaid debit cards and paper checks.
How can you know your stimulus check status?
You should be in-tune with your stimulus check status so here’s how you can track your payments on the IRS.
There’s a portal on IRS, effective by March 15 which says, “Get My Payment”. Click to get all the information you need as well as further updates available on the IRS website. You can also get answers to many of your questions there beneath the fact sheet.
In essence, the second wave of $600 stimulus checks was out for taxpayers to receive by the end of December of 2020. It was only two days later that the former president Donald Trump signed to make the law of the coronavirus stimulus package of $900 billion. By December 30 of the same year, paper checks followed the announcement four days later. They further gave another 8 million prepaid debit cards to the taxpayers.
On March 11, Jen Psaki, the White House’s secretory, stated at a conference that approximately ninety percent of the taxpayers will receive the stimulus payments through their bank accounts directly.
These types of payments are prone to reach first but could delay time so it best to wait it out. Especially with the pandemic situation at hand, the electronic and paper tax returns take a hefty amount of time to complete. The IRS states the payments could a longer period to get to you.
For instance, eight million taxpayers by January 2021 had not accrued their payments and so President Biden on January 22 asked the Treasury Department to send them directly to each eligible receiver.
If you’re a receiver of the Social Security benefits being a survivor or retired recipient of it, you’re in for good luck. In this situation, you are receivable of the stimulus check without doing anything yourself. You will automatically have the transfer of the third stimulus in your bank account if the IRS has your details.
Additional recipients of the federal board beneficiaries like the Railroad Retirement benefits, Supplemental Security Income, and Veterans Administration would also be treated the same. Hence, the payment is directly deposited in their bank accounts.
The taxpayers will obtain letters from the agency to receivables of the stimulus checks payments. The mail will contain instructions to guide them over the payment figures, mode of its transfer, and feedback upon receiving. Ensure to safe keep it to record your tax.
If you are a commoner of low income, low enough that you do not fill out your tax returns, you can submit your details on the IRS website. The website has an online tool you can access and fill in your banking and personal credentials for you to receive your payment of the stimulus checks. It will also tell you of your stimulus check status.
As President Biden states each individual with a family of four and earning less than $110,000 will receive $5,600.