The date for the next stimulus check is quickly approaching, and many people are wondering when they can expect to receive their money. The answer, unfortunately, is not as straightforward as we would like. Here’s what we know so far about the fourth stimulus check expected date and direct deposit.
What is a stimulus check?
A stimulus check is a payment from the government to help stimulate the economy during a time of crisis. The check is typically given to individuals and families in order to encourage them to spend money and help boost the economy.
Who is eligible for a stimulus check?
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides for direct economic assistance for American workers, families, and businesses. The CARES Act will provide $1,200 in direct relief payments to eligible individuals with an annual income of up to $75,000. For those earning more than $75,000 per year, the payment decreases incrementally until it phases out completely for those earning more than $99,000 per year.
Head of households are also eligible for an additional $500 per child. So a family of four could receive up to $3,400 in total. These payments will be made directly to eligible Americans through either direct deposit or paper check by mail.
How much money will I get from the stimulus check?
The stimulus check is part of the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act. The bill was passed by Congress and signed into law by President Trump on March 27, 2020.
Under the CARES Act, eligible adults will receive a one-time direct payment of $1,200. Eligibility is based on 2019 tax returns (or 2018 tax returns if you haven’t filed for 2019 yet). The payment is reduced by $5 for each $100 above an adjusted gross income of $75,000 for single filers ($112,500 for heads of household, and $150,000 for married couples filing joint returns).
If you have children under the age of 17, you will receive an additional $500 per child. These payments are not subject to reduction based on income.
The stimulus check is expected to be sent out in May 2020 via direct deposit or paper check. If you have already filed your taxes and provided your banking information to the IRS, your stimulus check should be deposited directly into your account. Otherwise, you will receive a paper check in the mail.
When can I expect to receive my stimulus check?
Assuming you are eligible for a stimulus check, if you have provided the IRS with your direct deposit information, you can expect to receive your stimulus check by April 15th. If you have not provided the IRS with your direct deposit information, you can expect to receive your stimulus check by May 5th.
How will I receive my stimulus check?
The stimulus check is part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) that was passed by Congress in March 2020. The CARES Act provides for a one-time payment to eligible Americans of up to $1,200 ($2,400 for married couples filing jointly) plus $500 per child.
The stimulus check will be deposited directly into the eligible individual’s bank account if the IRS has direct deposit information on file. If the IRS does not have direct deposit information on file, the stimulus check will be mailed to the individual’s last known address.
Individuals can provide their direct deposit information to the IRS by filing a simple tax return or by registering on the IRS website. The deadline to provide direct deposit information to the IRS is May 13, 2020. After that date, individuals will need to wait for their stimulus check to be mailed to them.
What do I need to do to receive my stimulus check?
If you’re wondering when you’ll receive your stimulus check, the answer depends on a few factors. The first is whether you filed taxes in 2018 or 2019. If you filed taxes in 2018, the IRS will use that information to send you your stimulus check. If you didn’t file taxes in 2018, the IRS will use your 2019 tax return to determine your eligibility for a stimulus check.
The second factor is how you receive your tax refund. If you have direct deposit set up with the IRS, they will likely deposit your stimulus check into that account. If not, they will send you a paper check in the mail.
The last factor is your income level. Stimulus checks are being sent out in phases, with those who make less money receiving their checks first. So, if you made less than $75,000 in 2018 or 2019, you should expect to receive your stimulus check soon. If you made more than $75,000, you may have to wait longer for your payment.
Keep in mind that the IRS has until April 15th to send out all of the stimulus checks, so even if you don’t receive yours right away, it shouldn’t be too much longer of a wait.
Conclusion
We hope this article on the stimulus check 4 expected date direct deposit has helped to clear things up for you. It is important to remember that the date is subject to change, but as of right now, it looks like the fourth stimulus check will be direct deposited into eligible accounts sometime in mid-March. Stay tuned for more updates as we get closer to the date!