The massive stimulus package that was passed and signed a couple of weeks ago is now turning into actual money for American citizens. Starting this past Friday, people started reporting seeing the $1,200 amounts in their bank accounts. The government says that this week, people with direct deposit should see it in their account. Here is what you need to know about how much you get and where you should go to enter your info.
The Stimulus Money – How Much Will You Get and When?
When Will You Get Your Stimulus Money?
First of all, if you have filed your taxes in 2018/2019 and you had put your bank account information on your returns, you should be seeing your money in the bank this week.
However, if you did not use your bank account on a tax return, you will be getting a check cut to you. Those will start being issued April 24 and the government says that it will be doing 5 million checks a week. While that sounds like a lot, it does mean that some people will not be getting their checks for a number of months.
The good news is that the checks will start going out first to the people with the lowest adjusted gross income.
What If You Didn’t File a Tax Return?
Some Americans are not required to file a tax return and if that is you, then you will want to go to this IRS website to enter your information. This way, you can make sure you will get your stimulus money.
However, if you are in one of the following categories:
- Social Security retirement, disability (SSDI), or survivor benefits
- Railroad Retirement and Survivor Benefits
then do not fill out the above form as the IRS says they already have your information to issue you your money.
How to Get Your Money Quicker
By April 17, the IRS will have a website called “Get My Payment” that will let you enter your bank information to be able to get your money deposited even quicker than receiving a check.
How Much Money Will You Get?
Here is a quick and easy calculator to show you exactly what you can expect from the stimulus package (remember that the children have to be under 17 to get the credit for them).
This calculator was developed by Maciej Kowalski, PhD candidate and Jasmine J Mah and available at Omni Calculator
While most Americans will be getting money from the stimulus package, not everyone will. The good news is that if the IRS already has your bank information, you should be seeing the money deposited this week!
If they do not have it, you will be able to enter your bank information on the new IRS website later this week. This will make sure you get it quicker and that there are no mixups if you have changed banks, need it sent to a new address, etc.
Lastly, if you opt for a check, you will have to wait at least another couple of weeks. If your AGI is higher, you may not see your money for a few months. But, when the new Get My Payment tool comes online, you may be able to jump ahead a bit and get it quicker.