Latest Stimulus Payment Could Be In Your Bank Account This Week
The latest batch of Economic Impact Payments from the federal government is being processed this week, which means you should keep an eye on your bank account and your mailbox.
The Internal Revenue Service began processing payments this past Friday and says the payments will have an official pay date of Wednesday, March 24. That means many people could be seeing these payments in their bank accounts today via direct deposit.
Why Am I Not Seeing Any Additions to My Account?
Obviously, sending out millions of payments is a process that doesn't happen overnight, so even though many people will get their payments today, others will have to wait a while longer. Additional payments will be sent out on a weekly basis going forward either by direct deposit or in the mail.
Keep A Close Eye On Your Mailbox
As has been the case with previous stimulus payments, some taxpayers will receive their payment in the mail in the form of a paper check or EIP card. The IRS notes this may be different than the way you received previous payments. Paper checks will be in a white envelope from the U.S. Department of the Treasury. If you are getting an EIP Card - which looks like a credit card - that also will be in a white envelope displaying the official treasury department seal. You can use the Get My Payment tool from the IRS to check on the status of your payment, however, personally, I haven't had much luck with it in the past.
How Much Are the Payments This Time?
Determining how much you're getting is a little complicated, based upon your household income and latest tax return from 2020 or 2019. However, most people will be receiving $1400 for themselves as well as for their spouse and each of their qualifying dependents.
What Should I Do With the Money I Receive?
The beauty of the stimulus payments is you can do whatever you want with the money. The idea behind the payments is to help Americans who have been struggling financially during the pandemic. Some people will use the money to pay outstanding bills, while others will put the money back into the economy by making new purchases for household needs. Still, others may choose to put the money into savings and wait until later to spend it.
The Bottom Line
The bottom line is the latest round of economic stimulus payments from the government are on the way, and you should definitely keep an eye on your bank account and your mailbox this week and in the days ahead.
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