While many American taxpayers saw their stimulus checks deposited into their bank accounts earlier this month, millions of others are still waiting. There are several important dates to keep in mind if you are still waiting. It is no consolation to those who have bills coming up soon, but the dates will give anyone a better idea on when to expect the checks.
The $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act signed by President Donald Trump last month included a provision for about 150 million stimulus payments, notes The Washington Post. In the first three weeks of the program, about 88.1 million payments have gone out, the Treasury Department and IRS said Friday. The groups still waiting on stimulus checks include those who receive Social Security retirement, survivor or disability, Supplemental Security Income (SSI), Railroad Retirement benefits and Veterans Affairs benefits.
The IRS launched two separate sites for information on the stimulus checks. One is a "non-filer" tool for people who are not required to file a tax return and did not file for 2019. Non-filers can also provide the IRS with their direct deposit information to receive an automatic payment to their bank account instead of waiting for a physical check. The second is the "Get My Payment" tool, which will tell you the status of the checks. This is not an option for SSI or VA beneficiaries yet.
Social Security, survivor and disability beneficiaries who do not need to file their tax returns will see their payments deposited into their bank accounts by April 29, a Treasury spokeswoman told the Post. SSI non-filers will see their payments in early May, as will VA beneficiaries.
On Sunday, the IRS set a 12 p.m. Tuesday deadline for entering bank account information. If you make that deadline, the payment will be available the following Saturday. If you miss that deadline, you have to wait another week to get the payment. If your payment has already been processed, a physical check will take up to 14 days to arrive.
May 5 is an important date for SSI or VA beneficiaries who did not file 2018 or 2019 tax returns. You have until that date to use the IRS' non-filer tool to receive $500 per dependent child under 17. If you miss that deadline, you will have to wait until 2020 to get the $500 when you file the 2020 tax return. This is only important for VA or SSI beneficiaries who have dependents eligible for the $500. If you do not, you can ignore this, and you will still get your $1,200 stimulus check.
Social Security and Railroad Retirement beneficiaries who do not file tax returns only had until April 22 to register for the $500 per dependent under 17. The IRS only sent the notification two and a half days before the deadline. Unless this is extended, these beneficiaries will have to wait until next year to get their extra $500 per child. Sens. Maggie Hassan and Susan Collins sent a letter to the IRS and Treasury Department to ask for an extension.
The Americans who already received their stimulus checks were those who filed either a 2018 or 2019 federal tax return. Taxpayers who provided the IRS with direct deposit information for their tax refunds received their checks electronically. Physical checks are being sent to taxpayers without direct deposit information on file. The IRS could not make direct deposits into bank accounts taxpayers used to pay taxes owed electronically though.0comments