HOUSTON KHOU11 Report — The Internal Revenue Service announced over Easter weekend the first Economic Impact Payments, also known as coronavirus stimulus checks, were already being deposited into some taxpayers' bank accounts.
The $1,200 deposit was likely a surprise for those who received it a few days earlier than expected. But the IRS isn't done making those deposits and sending out checks. By Wednesday, April 15, tens of millions of Americans should have received their checks.
Who is getting the money first
The people getting theirs first are the ones who filed tax returns in 2018 or 2019 and received funds through direct deposit. People who didn’t file taxes, are very low income or are older and don't need to file will have to wait for their money. Any paper checks should go out starting early May.
Elise Gould, a senior economist with the Economic Policy Institute, said some might not see the money until mid-summer.
“There’s going to have to be a way to collect their information, and that process could take a couple months,” Gould said.
What if the IRS doesn't have my current bank info for direct deposit?
The IRS is creating a web portal where users can check the status of their stimulus payments. It will launch this week. The site will also have a feature to enter your bank account information if the IRS doesn’t already have it from a 2018 or 2019 refund. The IRS expects this to launch this tool by Friday, April 17.
Check this page to view the stimulus check tracker info and look for the "Get My Payment" button, when it launches.
On the web: https://www.irs.gov/coronavirus/economic-impact-payments