When do stimulus checks go out? This is a question that has been on the minds of many Americans since the COVID-19 pandemic began. The government has implemented various economic relief measures to help individuals and businesses affected by the crisis. One of the most significant of these measures has been the distribution of stimulus checks, also known as economic impact payments. In this article, we will explore the timeline for when these checks are typically distributed and what factors can influence their release date.
The first round of stimulus checks was authorized by the CARES Act in March 2020. These checks were designed to provide financial assistance to individuals and families who were struggling due to the economic impact of the pandemic. The amount of each check was based on the recipient’s income and filing status, with eligible individuals receiving up to $1,200.
When do stimulus checks go out?
The distribution of the first stimulus checks began on April 15, 2020, and continued over the following weeks. The IRS used the information from taxpayers’ 2019 tax returns to determine eligibility and the amount of each check. For those who had not filed a tax return for 2019, the IRS used their 2018 tax return information, if available.
The second round of stimulus checks was authorized by the Consolidated Appropriations Act in December 2020. This round of checks provided an additional $600 to eligible individuals, bringing the total amount to $2,400 for married couples filing jointly with no children. The distribution of these checks began on December 28, 2020, and followed a similar timeline as the first round.
When do stimulus checks go out?
The timing of when stimulus checks are distributed can vary depending on several factors. One of the primary factors is the IRS’s processing time. The IRS must verify the eligibility of each recipient and ensure that the correct amount is sent. This process can take several weeks, especially during peak tax filing seasons.
Another factor that can influence the release date of stimulus checks is the method of delivery. Checks are mailed to individuals, while direct deposit is available for those who have already provided their banking information to the IRS. Direct deposit is generally faster than mailing checks, so individuals who choose this option may receive their stimulus checks sooner.
When do stimulus checks go out?
The IRS has also implemented a non-filer tool for individuals who do not typically file taxes but are eligible for stimulus checks. This tool allows eligible individuals to provide their information to the IRS and receive their stimulus check without filing a tax return. The IRS has set a specific timeline for when these individuals can expect to receive their checks, which is typically several weeks after they submit their information.
In conclusion, the answer to the question “when do stimulus checks go out” can vary depending on several factors, including the IRS’s processing time, the method of delivery, and whether the recipient has provided their banking information. While the IRS strives to distribute stimulus checks as quickly as possible, it is important for individuals to be patient and check the IRS website for the most up-to-date information on their specific situation.
