Stimulus Check Update: IRS Is Processing Checks
- The IRS on Friday began processing stimulus checks, which could arrive in Americans’ bank accounts as soon as this weekend.
- Unlike the prior rounds of checks, families will get a payment for all their dependents claimed on a tax return, not just their qualifying children under 17.
- Americans can check the status of their third payment by using the Get My Payment tool starting on Monday.
Officials from the Treasury Department and the IRS told reporters Friday afternoon that most Americans do not need to take any additional action to receive their payments and most will be delivered via direct deposit.
IRS officials said that full $1,400 payments are slated to go to individuals with adjusted gross incomes of up to $75,000, heads of households that make up to $112,500 and married couples filing jointly with annual income up to $150,000.
The third round of payments will be based on the taxpayer’s latest processed tax return from either 2020 or 2019. Americans can check the status of their third payment by using the Get My Payment tool starting on Monday.
