The IRS is sending out direct payments to more than 100 million Americans this week, a move that’s expected to boost consumer spending and help the country recover from its economic hardship over the last few years. While some of you will receive your checks this week or next week, others may have to wait until later in 2023 because of delays in processing payments. This guide will help answer any questions that arise about getting their money as soon as possible.
The direct payments of $1,500 will be paid to eligible individuals and households beginning this week, according to the Treasury Secretary.
In a press conference Monday night, the secretary said that around 100 million direct payments of $1,500 will be sent out beginning today. The stimulus payments are part of the $1.9 trillion coronavirus relief package that President Biden signed into law last week as part of a multi-pronged approach to address the virus’ impact on American businesses and individuals alike.
Stimulus Check: $1500 Coming
“The payments are part of the $1.9 trillion coronavirus relief package that President Biden signed into law last week,” explained White House spokesman James “Jimmy” Carville. “While the direct payment amount is $1,500, some households could receive more than that if they have dependents who qualify for individual stimulus checks going to supporting members of a household, such as children and elderly or disabled adults.”
If you don’t receive your check immediately, it’s likely that the money was deposited into a separate account from where you do your personal banking. You may have to contact your bank or credit union to get the funds transferred over to where they can be used.
According to tax preparation software company TurboTax, who reached out to Washingtonexaminer.com when asked about this issue: “People who itemize their taxes and receive stimulus checks need to be sure they enter principal amounts from Form 1099-G into their tax return.”