Have you checked the status of your bank account?
The Internal Revenue Service (IRS) confirmed in a statement on its website Friday that some $1,400 stimulus checks have already begun to arrive in taxpayers’ bank accounts following President Joe Biden’s signature on the “American Recovery Plan” that includes that and other coronavirus aid.
According to the agency, which along with the Treasury Department is leading the distribution efforts for the third round of checks, most of the payments they will process in the first few days will be wire transfers.
“Following the passage of the American Recovery Plan Act, the first portion of the payments will be sent by direct deposit, with some recipients beginning to receive them beginning this weekend and others receiving them next week,” the agency said in a press entry on IRS.gov.
Beginning Monday, the IRS will also be processing payments in the form of paper checks or prepaid debit card (EIP Card).
“Additional payments will be sent in the coming weeks by direct deposit and by mail as a check or debit card. The vast majority of these payments will be made by direct deposit,” the bureau added through the written statement.
The agency did not specify the exact number of payments it expects to process in the first phase of distribution.
The IRS, however, clarified that in some cases, Americans will see direct deposit payments as pending or as interim payments in their accounts before the official payment date of March 17.
IRS Commissioner Chuck Rettig said that although the agency is processing refunds from tax returns filed this year, most of the so-called “Economic Impact Payments” from the third round will automatically reach beneficiaries without additional paperwork.
“Even though tax season is in full swing, IRS employees again worked around the clock to quickly provide help to millions of Americans struggling to cope with this historic pandemic,” Rettig said. “Payments will be automatically delivered to taxpayers even as the IRS continues to deliver regular tax refunds. We urge people to visit IRS.gov for the latest details on the stimulus payments, other new tax law provisions and tax season updates,” he said.
The IRS will soon re-enable the “Get My Payment” tool for Americans to track the status of their stimulus check online.
The new $1.9 billion law passed in the federal Congress provides for stimulus checks of $1,400 and the same amount for each dependent regardless of age.