Did Your Stimulus Check Arrive? Check Your Bank Account

Has your stimulus check arrived?

Here's what you need to know.

If you check your bank account and find your stimulus check deposited, you may be among the first taxpayers to receive a stimulus check. The first stimulus checks were deposited into bank accounts starting last Thursday. Taxpayers shared the good news on social media, with some posting photos of their online bank accounts.

Single taxpayers who earned less than $75,000 and filed a 2018 or 2019 federal income tax return can expect a $1,200 stimulus check. Married couples filing jointly who earned less than $150,000 can expect $2,400 and each dependent child age 16 or younger can receive $500.

If your check is in the first batch of stimulus checks, you may receive your stimulus check in your bank account by April 14, 2020. Treasury Secretary Steven Mnuchin has said most Americans will receive their stimulus check by April 17. If you don't receive your stimulus check by then, don't panic. Most likely, one of two things has happened:

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• You don't qualify for a stimulus check based on your adjusted gross income earned; or
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• You didn't provide your banking information to the IRS on your 2018 or 2019 federal tax return.

It's important to understand the income thresholds to receive a stimulus check. First, there is no minimum adjusted gross income threshold. However, there is a maximum income threshold. The stimulus check amount phases out by $5 for every $100 above certain income levels based on your tax filing status:

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• Single Filer: $75,000
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• Married/Joint Filer: $150,000

If your adjusted gross income is less than these amounts, you can receive the full stimulus check amount of $1,200 for single taxpayers, $2,400 for married couples filing jointly and $500 for each dependent child age 16 or younger. If you are a single tax filer who has adjusted gross income greater than $99,000 or a married couple filing jointly with no children that earns more than $198,000, then you won't qualify for a stimulus check.

So, you didn't provide any banking information to the IRS? No worries. First, you can receive a paper check. The IRS will start sending paper stimulus checks to taxpayers on April 24. Taxpayers with the lowest annual adjusted gross income will receive their stimulus check first, beginning with those who earn less than $10,000. Each week, approximately 5 million paper stimulus checks will be sent at increasing income increments. For example, stimulus checks will be sent to those who earn $10,001 - $20,000 on May 1. This process will continue each week from May to September until all stimulus checks have been distributed.

By April 17, the IRS will launch a new online tool called "Get My Payment." Once it's available on the IRS website, you can enter your direct deposit banking information and other basic information so you can receive your stimulus check faster.

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