Are you waiting for your stimulus payment from Uncle Sam?

The IRS began sending direct deposit stimulus payments to bank accounts on December 29th. It started mailing payments on Dececember 30th.

 

Here is some news…

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      1. If you got a DIRECT DEPOSIT payment last year for the 2020 relief payment, you will get the latest payment the same way.
      
      
      2. Essentially, everyone who got a stimulus check in 2020 and who still qualifies will get a second check this year. That includes Social Security retirement beneficiaries and railroad retirees, as well as those receiving Social Security Disability Insurance (SSDI), Supplemental Security Income (SSI) and Veterans Affairs (VA) benefits.
      
      
      3. Check your mail box daily.  The IRS says payments will be going out throughout the month of January.
      
      
      4.  Some people who received paper checks in 2020 might get their stimulus payment via debit card this time, or vice versa.
      
      
      5. The DEBIT CARD will be sent in a white envelope that prominently displays the U.S. Department of the Treasury seal. It has the Visa name on the front of the card, according to the IRS, and the issuing bank, MetaBank N.A., on the back of the card. Information included with the card will explain that this is an economic impact payment.
      
      
      6. People receiving stimulus payments in any form should also get an IRS NOTICE in the mail a few days after they receive a payment telling them the amount of their payment. Even though the payment is not taxable, the IRS recommends that you keep this written notice for your tax records.
      
      
      7. You can check the status of your stimulus payment with the IRS Get My Payment tool, although you may have to wait during high-traffic periods.
      
      
   
   

 

CARES Act Payments

It appears that these payments will be sent in the same way as the previous CARES Act payments.  Some will receive the payment by direct deposit and some by check or prepaid benefit cards.

 

Recovery Rebate Credit

If you were entitled to a stimulus payment under the CARES Act and didn’t receive it, or only received part of it, you can claim a “recovery rebate credit” on your 2020 tax return.  If your income for 2020 was less than 2019 and you would be entitled to a payment based on 2020 income, you will be able to receive a tax credit when you file your 2020 income tax return.