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Over the past few weeks the IRS has sent out approximately $200 billion worth of stimulus payments to 130 million Americans, mostly through direct deposit and some through physical checks. Physical checks are sent by default to people the IRS doesn’t have direct deposit information for and have prioritized the lowest income households first. They are being sent out at a rate of about 5 million checks per week.
This means that the more you earn, the longer you will have to wait for a physical check. Americans on average incomes of around 50 to 60 thousand per year will have to wait until the end of May early June, and the highest earners will have to wait all the way until September. But the IRS does offer a faster way, the Get My Payment tool, an IRS website where you can enter your payment information to receive the money through direct deposit. Normally within two weeks of you signing up through the site.
But the IRS has now set a deadline for people to enter their information through Get My Payment and that is noon on May 13th. After that the IRS will schedule all remaining payments for delivery by physical check and you will have missed your chance to get it sooner. Now for some this may not matter, if you are earning around 50k to 60k there may not be much of a difference in wait between entering your info before May 13th, then waiting two weeks for direct deposit VS getting your physical check at the end of the month, the wait would be about two weeks in both cases.
But if your income is a little higher, like 70 thousand per year for example, you will wait longer for a physical check and your wait time increases by one week for every 10k extra income you earn, so if you earn say, 100k per year, you would be waiting until the end of June. This is according to the timetable released by the IRS previously, however they have said that “Starting later this month the number of paper checks delivered to taxpayers will sharply increase.” So you may not be waiting quite that long, but still longer than if you enter your bank details in the portal. The IRS still says “time is running out to get those payments several weeks earlier through direct deposit.”
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27 comments
Glad physical checks didn’t take until August as was speculated early on.
Who still hasn’t gotten a stimulus check yet?
Is this for everyone even people they start working already?
Thanks for keeping everyone in the know! Hopefully this will speed up the process for those who really need the money right now.
LINK TO STIMULUS CHECK PORTAL: https://www.irs.gov/coronavirus/economic-impact-payments
Damn I got my check quick. I must be poor lol
What if someone is still receiving the "Payment Status Not Available" even though they are completely eligible and have filed taxes for the last 2 years?
I still haven’t received ANYTHING; no check or direct deposit and I did file my taxes for both 2018/2019
I already received my stimulus check on April, is this another stimulus or just to the people left that haven’t received?
Can me and my dad use the same bank account for dd?
What about people still doing their taxes to even get a stimulus check? Should they go ahead & enter their info so they dont miss it or do you have to be in the system setup to get a check already?
Thanks for ALL the great videos!!
Ben, is this timeline applicable for those who are expecting income tax returns as well ? If so, do we need to fill the direct deposit details here again? I dont think I am eligible for a stimulus check.
I am not eligible for a stimulus check per my 2018 filing but I am per my 2019 taxes which I haven’t filed so far. I haven’t received any stimulus rightfully so but my question to you is : if I file my 2019 taxes now will I be eligible for stimulus ?
Finally getting mines on the 13th.
I've entered my bank details 2 weeks ago and they decided to mail me a check in may 4th which i still have not received. I'm low income and i don't know why they did that.
I e-filed my 2019 tax return in late March via H&RBlock and mailed in my 2018 tax return on April 1st. I have 'Payment Status Not Available' message from the IRS filer's tool and my 2019 tax return is still being processed by the IRS, and despite putting direct deposit information for my bank account on my e-filed 2019 and 2018 mail-filed tax returns, I have not received a stimulus payment. What are my options at this point?
I’m still getting the fucking payment status not available 😤
Filed every weeks ago, I don’t make that much and I still have nothing
I did the direct deposit like a month ago and it still says you are elegible and that they still don’t have a payment date so wtf is going on
That does not work it keeps saying I need to fill out everything and I have, still will not let me do anything it's broken
Does this include any future care act plans? For example the ones that include dependents in the stimulus if those end up passing?
To bad I’m still unavailable because they can’t fix their system. Such a shame
Can't enter in tool without my tax info from 2018 and 2017
My payment date was April 29th and I still have no money in my account
Great info! Thank you so much!
Here is a question if anyone can help me. I got my stimulus, no issue, but my wife did not. She turned 25 on April 6th. (I read dependents dont get stimulus age 17-24)
She was claimed as a dependent on her parent's 2018 tax return which they filed last year. We got married in October 2019, so we filed our 2019 taxes jointly on April 11th (still no return either)
I have contacted a couple tax professionals and they were not able to provide me with much information to answer my questions.
So I have been trying to check or find out if my wife will get her stimulus? Does she qualify? She keeps trying to use the get my payment tool website and keeps getting the "payment status not available" So I dont know what is going on? They may have looked at her 2018 taxes and saw that she was a dependent, in college, and age 23-24, but for these current 2019 taxes that is not the case, so she should qualify right? We can sure use that extra $1,200 right now too. Anyone else have a similar issue? Any recommendations on what to do or who to contact?
SO MY CHECK WAS MAILED IN JUNE AND SOMEHOW GOT LOST IN THE MAIL AND WAS SENT BACK TO THE IRS AND GOOD THING I CHECKED THE PORTAL YESTERDAY BECAUSE I WAS ALLOWED TO ENTER MY BANK INFO IN YESTERDAY SO MY ONLY QUESTION IS HOW LONG DO YOU THINK IT WILL TAKE TO SEE THE MONEY IN MY ACCOUNT? AND YOU MENTIONED THE DEADLINE WHICH IS TRUE BUT FOR ANYONE IN THE SAME SITUATION AS ME THE PORTAL WILL ALLOW YOU TO ENTER IN THE BANK INFO WITH A FEW DETAILS FROM YOUR TAXES TO VERIFY ITS YOU ACTUALLY ENTERING THE INFO!!