Everything You Need to Know About Stimulus Checks

Outline

Latest Update:

Still waiting for your stimulus check? You have until 12 p.m. Wednesday to give the IRS your bank information. The IRS announced last Friday that eligible taxpayers who are still waiting on their stimulus payments have until 12 p.m. Wednesday, May 13, to use the “Get My Payment” portal to input direct deposit information to avoid having to wait for a check in the mail. Otherwise you will perhaps be waiting until June or later to receive their economic impact payment in the mail.

Will there be a second wave of stimulus checks? This is a question that millions of Americans care about but so far can’t be answered. If Speaker Pelosi and several other Democrats in Congress have their way, you’ll get another stimulus check, albeit the amount could differ from the proposed $2,000 stimulus check. Subscribe us and we will keep you informed!

1. What are stimulus checks?

Stimulus checks, also referred to by some as the government's economic impact payments, are sent by the US government to taxpayers to boost their spending power and spur economic activity during the COVID-19 pandemic. Stimulus checks were last used during the Great Recession of 2008.

2. How much is my stimulus check?

Adult U.S. residents that meet established income limits are eligible to receive money from the government. This includes:

  • Taxpayers – people who filed a federal tax return for 2018 or 2019.
  • Retirees – people who get Social Security, Railroad, or other retirement benefits.
  • Beneficiaries – people who get public benefits like SSDI, disability, or veterans’ benefits.
  • Non-filers – people who do not have to file a federal tax return, including people who made no income or made less than $12,200 (or $24,400 for married couples).

3. How do I get my stimulus check?

The first waves of stimulus checks began hitting bank accounts on April 11. The first recipients were those who are eligible for the stimulus checks & have filed a tax return via direct deposit in either 2018 or 2019.

It is believed that most Americans who are on the list of the first recipients have already received it in their on-file bank account automatically. However, some issues have been reported in this process. As a result, millions of Americans who filed their tax returns through online services like TurboTax and H&R Block did not receive their checks.

On April 20, paper stimulus checks were given out by mail. They were expected to arrive by April 24. According to the scheduled timeline, paper stimulus checks would be sent out gradually. This could mean that unfortunately, some of you may not get your check until late summer.

Latest round is set to go out at the beginning of May. The key group of this round include people who aren’t required to file tax returns, such as those who receive Social Security, Supplemental Security Income (SSI) and veterans’ affairs benefits. In addition, tax filers who have recently provided bank information to the IRS will get the payments.

4. Why haven’t I got my stimulus check yet?

As we mentioned earlier, the distribution of stimulus checks are expected to last weeks, if not months. People who have smallest incomes are prior to receiving paper checks. If you haven’t got your stimulus check yet, it may be a natural outcome of your higher incomes. Besides, there are several other answers to this question. You can check out which one suits your case.

  • The IRS doesn’t have your bank-account information on file.
  • You make too much money. Anyone who is making over $99,000 per year or couples who are making over $198,000 per year won’t get anything.
  • If you’re a young adult, it is possible that your parents have claimed you as dependent.
  • Debt collectors could be taking your money.
  • Your immigration status could be complicating matters.

5. How can I track my stimulus check status?

The IRS offers an official tool Get My Payment to track the status of your stimulus check.

The datas will be updated only once a day. So there is no need to check the status several times a day.

6. Be careful about stimulus check scams!

Moving massive amounts of money into the hands of people who need it is a big job with many moving parts. Unfortunately, scammers also get involved. They may try to get you to pay a fee to get your stimulus payment. Or they might try to convince you to give them your Social Security number, bank account, or government benefits debit card account number.

If you get any calls, text messages, or emails with such intentions, don’t let yourself be tripped up. Always bear in mind that most people don’t have to do anything to get their money because the IRS will use the same payment method – direct deposit, Direct Express debit card, or paper check – used to send you your tax refund, Social Security, retirement, or other government benefits money.

7. Get your stimulus check using mobile apps!

People who didn’t include direct deposit info on their 2018 or 2019 returns can now enter their Cash App account and routing numbers on IRS’ “Get My Payment” web portal and get paid electronically - instead of waiting weeks. You can find information about your Cash App account and routing numbers by tapping the Banking tab on the bottom left of your Cash App home screen.

Besides, it is possible that a second or even a third round of stimulus checks would be approved. In the process of giving out a tremendous amount of money, many problems have been reported including low efficiency, which resulted in desperate waiting of a bunch of people who really need it. In reaction to this, there is a voice for the adoption of mobile apps to build a mobile payment system. Square's Cash App, PayPal's Venmo, and bank-owned Zelle have reportedly all contacted the US government to offer to help it distribute the funds. We offer you a free & safe download of these apps.

1
Cash App
Cash App
Finance

As a cash transfer mobile tool launched by Square in 2013, Square Cash allows users to directly send money to each other from a linked debit card, credit card, or any available funds in your Cash app. SquareCash is available for personal and business use and creating two accounts for different payment use is highly recommended. For business account users, Square Cash lets you request payments at the price of 2.75% per transaction.

Launched in June 2012 by PayPal, Venmo is a mobile payment allowing users to make direct money transfers or card payments between friends using a mobile phone app. To use Venmo service, you need to link to your credit card, debit card or checking account. Users can store some money in Venmo or cash them out to a bank account immediately. Venmo has also recently added a feature that enables websites and businesses to add payment services.

More Editor’s Choice