Sources cited by the Washington Post indicate that if the IRS does not have direct deposit information on record for you, paper stimulus checks will be mailed out starting on April 24th. The IRS plans to issue checks at a rate of about 5 million checks per week, which could take up to 20 weeks to complete. They will be sent out in reverse 'adjusted gross income' order, starting with people with the lowest income first:
- Earning $10,000 or less - April 24th
- Earning $20,000 or less - May 1st
- Earning $30,000 or less - May 8th
- Earning $40,000 or less - May 15th
- Earning $50,000 or less - May 22nd
This schedule continues weekly with additional earnings of $10,000 more each week until the final checks to joint taxpayers who earn $200,000 or less.
Treasury Security Steve Mnuchin explained that the IRS has not processed or mailed any paper stimulus checks yet to give people more time to use the online portal and provide bank direct deposit information to the agency. “We’re hoping that more people, as I said, will go to IRS.gov. It’s much safer to send out direct deposits,” Mnuchin said. (source)
For additional tools to check on your payment status, update payment method, or other payment related information, visit the IRS Economic Impact Payment website.
If you have any questions about receiving this stimulus check, please feel free to contact one of our CPAs at (616) 642-9467 or request a complimentary accounting consultation.
By: Dwayne Houghton
