Looking for your stimulus check? Most Americans who qualify will receive it by the end of the week.
The good news according to David Pope, the CEO of Wyoming-based accounting firm DAPCPA, is that if the IRS has your bank information, is it will be deposited directly into your bank.
The IRS announced a new tool to track your stimulus payment. If you filed a 2018 or 2019 tax return but didn’t include your direct deposit information, you can do that here as well.
What if you haven’t provided the IRS with your bank information? Be prepared to wait.
“If you have not provided the IRS with your bank account information on previous tax returns, your payment will be delayed by a matter of weeks or possibly months,” Pope said.
“If you did not file at all in 2018 or 2019, there will also be a delay. In the case of those who have not filed, the IRS will attempt to send checks to folks that received Social Security or some other form of government payment,” he said.
Who will receive a check?
U.S. residents will receive the Economic Impact Payment of $1,200 for individual or head of household filers, and $2,400 for married filing jointly (plus up to $500 for each qualifying child) if they are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to:
$75,000 for individuals
$112,500 for head of household filers and
$150,000 for married couples filing joint returns
Taxpayers will receive a reduced payment if their Adjusted Gross Income is between:
$75,000 and $99,000 if their filing status was single or married filing separately
112,500 and $136,500 for head of household
$150,000 and $198,000 if their filing status was married filing jointly
The amount of the reduced payment will be based upon the taxpayers specific adjusted gross income.
How to Spend it?
While spending the check is entirely up to you, Pope does not recommend buying $1,200 worth of Ho-Hos and Schlitz Malt Liquor.
“The program was meant to help people pay their bills during this terrible economic disaster,” he said. “In the Great Recession of 2008-2013, there were record numbers of foreclosures and defaults on loans. This is intended to help lower those numbers and help people to get by until the reopening of the economy.”
More Money to Come?
What if you accidentally did spend the entire check on booze and donuts? Will the government be sending another check?
Don’t count on it, Pope said. But you never know.
“Congress is already discussing a 4th stimulus package. This should provide more funds to businesses and a large infrastructure allocation. It may also include additional money to individuals. There have even been suggestions floated that include some sort of monthly payout to taxpayers, but nothing specific yet,” he said.
