Taxpayers who will be getting their coronavirus stimulus payments via paper checks should expect them within the next few weeks. The first round of checks is expected to arrive in mailboxes by the end of this week, Yahoo Finance reports. Some taxpayers may have to wait months for their checks, however.
The CARES Act provides most adult American taxpayers with a one-time payment of $1,200, plus various other monies that they could potentially qualify for. The vast majority of such taxpayers got their money direct-deposited into their bank accounts last week. However, those taxpayers whose bank account information is not on file with the IRS will instead receive paper checks.
Those checks began going out this week, which means that some taxpayers may see checks in their mailboxes by Friday, April 24. Others, however, may have to wait longer.
The paper checks can only be printed and mailed out at a rate of about 5 million per week. With as many as 100 million taxpayers counting on those checks, it could be as much as four months before the last taxpayers get their stimulus money.
However, the checks are being issued in an order based upon taxpayers' income, as reported in the most recent tax filing that the Internal Revenue Service (IRS) has on record.
Taxpayers with the lowest incomes will get their stimulus checks first, while those with higher incomes will have to wait the longest. Those taxpayers with incomes less than $10,000 should expect the first wave of checks. Those with incomes between $10,000-20,000 are scheduled to receive theirs by May 1, and those with incomes up to $40,000, by May 15.
Those with the highest incomes, but who still don't make too much money to qualify for a stimulus check ($99,000), should see theirs by September 4.
Meanwhile, the IRS has developed an online tool to help Americans track the status of their stimulus checks. Users can use the Get My Payment tool to check the status of their payments, to see if they're eligible, and to provide bank account information to the agency if necessary.
However, as USA Today reports, multiple users are getting error messages, are getting timed out of the system, or are being told they're not eligible even though they are. The latter circumstance may come into play if the agency hasn't gotten around to processing an individual's 2019 returns yet.
As previously reported by The Inquisitr, the distribution of direct-deposit stimulus payments has not been without its issues, either. Specifically, some people have reported getting money intended for dead loved ones with whom they once shared a bank account, and the IRS hasn't provided clear direction on how to return these payments.