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These $ 1400 stimulant checks start this weekend on bank accounts.
The IRS announced Friday that the first group is going out with direct deposit.
It is unclear exactly how much of the estimated 159 million payments will be sent in this first deployment.
According to the IRS, the IRS and the Treasury Department are working to pay out as much of the $ 1,400 checks electronically as possible. Additional payments will be mailed by postal check or debit card.
Over the next few weeks, the vast majority of payments are expected to be deployed.
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The stimulus assistance can be as much as $ 1,400 per person, $ 2,800 per married couple, plus $ 1,400 per dependent. For a family of four, that would be $ 5,600.
“The payments will be made automatically to taxpayers, even if the IRS continues with regular tax refunds,” IRS Commissioner Chuck Rettig said in a statement.
If you do not receive a payment or a smaller deposit than you expected, you may be afraid of missing it. If so, you can do it.
Go to the ‘Get my payment’ website
As of Monday, the IRS Get My Payment website will show the status of the third payments.
This website will be updated regularly as payments are processed.
Unfortunately, it is not equipped to submit your new or other bank account information.
Submit your 2020 tax return
The $ 1,400 incentive checks are usually calculated on the 2019 or 2020 tax returns, depending on what you recently submitted.
If the IRS has received and processed your 2020 submission, your third stimulus test will be based on it.
This is important to know, because if your income drops in 2020, your stimulus test will consequently be bigger.
If the government sends you payment based on your 2019 proceeds, they will evaluate whether the total should have been larger and possibly supplement it in a follow-up payment.
Filing your 2020 tax return right away has several benefits.
First, you can update your direct deposit information, if necessary.
Second, if submitted as soon as possible, you may be eligible for additional incentive funds from the previous two payment rounds.
Third, there may be other stimulus benefits that you qualify for. This includes the income tax credit, child tax credit or other tax benefits.
At the moment, there are no plans to reopen the tool that was not available last year. Instead, people are encouraged to file a tax return to receive their money.
The IRS has more information about free file tools on its website.
Be patient
It can only take time before your payment arrives.
According to the IRS, for most taxpayers, no action is required to request a payment.
The money will be sent automatically to individuals and families who keep the government on record.
This includes people who do not normally file tax returns who used the non-importer tool last year, or who have filed a special simplified tax return.
It also includes federal beneficiaries who receive benefits for social security, supplementary security income, railroad retirement, or veteran matters.