The period began to count as of this weekend.
The Internal Revenue Service (IRS) has set a goal of distributing 100 million $1,400 stimulus checks in 10 days, mostly through direct deposit.
U.S. President Joe Biden said Monday that this is the initial goal of the IRS in coordination with the Treasury Department for the third round of stimulus checks.
Some 158.5 million households nationwide would be eligible for the $1,400 direct payments, plus an equal amount for each dependent regardless of age.
Previously, the President had indicated that 85% of Americans would qualify for the third round.
Most beneficiaries will automatically receive payments without any additional paperwork.
The first stimulus checks began to be processed over the weekend via direct deposit.
Most direct deposits of $1,400 checks would be released today.
However, most of the funds will be available to recipients as of Wednesday, March 17, the official payment date.
After the first phase of the stimulus check deposit, the IRS will move to processing payments via paper checks and prepaid debit cards (EIP Card).
The agency relies on the most recent tax return to establish the amount of the stimulus payment and how it will be processed.
The Biden Administration expects the agencies in charge to complete most mailings of the third round of stimulus checks this month.
One way to track the status of your payment is through the “Get My Payment” online tool on IRS.gov.
The free system lets you know if and when your payment has been processed, and how you will receive the money.
IRS asks you to file your tax return electronically to avoid delays in stimulus check payment
The IRS received just over 16 million paper returns last year which caused delays in the delivery of refunds. It is estimated that 9 out of 10 taxpayers will receive their money within 21 days after e-filing their return.
Internal Revenue Service (IRS) officials have requested that you file your tax return electronically to make the process easier as you may also qualify for other benefits such as child tax credits.
President Joe Biden’s administration said the stimulus checks and other measures will boost economic growth and help Americans who have been affected by the pandemic that continues to claim 1,400 lives a day on average in the United States.
About 160 million U.S. households will receive about $400 billion in direct payments of $1,400 per person, helping individuals earning up to $75,000 annually and couples with incomes up to $150,000.
Those earning more, but less than $80,000 per person or $160,000 per couple, will receive a reduced amount. The IRS said it is coordinating with the Social Security Administration and other government agencies and financial institutions to avoid the problems that arose during the last round of stimulus payments, when checks were sent to thousands of people who were deceased.
“We have a number of controls in place to make sure we check and watch how these payments go out,” one of the officials said in an official statement.
What do you need to receive the stimulus check?
The IRS also said that the third round of the stimulus check began arriving to U.S. households over the weekend as direct deposit and in the form of a paper check or debit card starting next week. The agency mentioned that the vast majority of these payments will be made via direct deposit, so you won’t have to do anything additional as the payments will be automatic.
“Payments will be delivered automatically to taxpayers even as the IRS continues to deliver tax season refunds.” The IRS has asked that you regularly visit IRS.gov for the latest details on stimulus payments, new provisions of the law and tax season updates.