Some Taxpayers Will Have To Wait 2 Months To Receive $1200 Stimulus Check
The stimulus checks for taxpayers will begin going out within two weeks, but some Americans will have to wait several months to receive their benefit.
Treasure Secretary Steve Mnuchin said Thursday during a White House briefing that checks would be sent to taxpayers whose direct deposit details are on file within two weeks. Approximately 60-70 million out of the near 170 million taxpayers fall into this category.
For those who do not have current direct deposit information on file, their check will take significantly longer.
According to the IRS, the Treasury plans to create an online portal for individuals to provide their direct deposit information. The portal is not yet available, and it MAY not be up and running until late April or early May — likely delaying checks for people in this category until the end of May.
The last group to receive checks will be those needing paper checks. The IRS will not issue paper checks until about three weeks after the initial direct deposits are done. About 5 million checks will be released per week, meaning it could take 20 weeks for every taxpayer to receive their check.
The checks are for $1.200 per adults ($2,400 for married couples filing jointly) if income is $75,000 or below. The check begins to phase out above that income threshold up until about $99,000 — meaning if you make less than that annually and file taxes, you should be receiving some federal relief. Additionally, taxpayers will receive $500 per child, with no maximum on the number of children.
Leave a comment
You must be logged in to post a comment.