The printing presses are warming up to send out stimulus checks on April 24th.
Last week, the first of the direct deposited stimulus checks began appearing in peoples’ bank accounts. The CARES Act created a $1,200 recovery rebate for many Americans and directed the IRS to use your direct deposit bank information from your latest tax return.
For those who didn’t provide banking information to the IRS in their tax returns, taxpayers can visit the IRS and use their tool to update their information. We also learned that if you used a tax preparation service and requested a refund anticipation check, your information never made it to the IRS. The tax preparation service likely used a temporary bank account to collect the funds before disbursing it to your account.
But what if you don’t have a bank account? What if you have no choice but to receive your stimulus check by mail?
The Washington Post reviewed an IRS internal memo in which it detailed how it would be sending out paper checks starting on April 24th. The IRS plans to issue and mail about 5 million checks each week and will send them based on the taxpayer’s earnings.
- Earning $10,000 or less - April 24th
- Earning $20,000 or less - May 1st
- Earning $30,000 or less - May 8th
- Earning $40,000 or less - May 15th
- Earning $50,000 or less - May 22nd
- Earning $60,000 or less - May 29th
- Earning $70,000 or less - June 5th
- Earning $80,000 or less - June 12th
- Earning $90,000 or less - June 19th
- Earning $100,000 or less - June 26th
The schedule continues in the same rate - increasing to those earning $10,000 more each week. This continues until the final checks, to joint taxpayers who earn $200,000 or less, on September 4th.
If you have banking information and didn’t submit it because you expected the IRS to send you a check, review the schedule to see when you would expect to receive it. If you can’t wait, consider submitting your information into the non-filers tool.
If you don’t have a bank, there are several online banks that allow you to open an account entirely online. Many online banks don’t have fees or minimum balances, so you could open one just to accept this payment.
Direct deposit remains the fastest way to receive your stimulus check because the IRS continues to process taxpayer data and issue direct deposits throughout this process.
