WISCONSIN — Wisconsin residents are eagerly anticipating a payment expected as part of a $2 trillion federal economic relief package intended to mitigate the financial and economic fallout caused by the new coronavirus pandemic.
Some payments have begun arriving; a new website has been launched to track the status of your money if you have not received it yet. U.S. Treasury Secretary Steven Mnuchin said the Internal Revenue Service has created an online portal, which officially launched Wednesday. The portal will help Americans track when the payments are likely to show up in their bank accounts or mailboxes.
Through the “Get My Payment” tool, Americans can not only check on their payment status, but can also confirm payment type (direct deposit or check) and enter bank account information for direct deposit if the Internal Revenue Service doesn’t have the information on file.
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To use the tool, you’ll input your Social Security Number, date of birth, and address. The system will then tell you if your payment is being deposited, or if you need to enter banking information.
Mnuchin said the goal is to direct deposit as many payments as possible and avoid mailing checks.
Some Americans reported seeing direct deposits in their bank accounts this past Saturday, and others started seeing deposits Monday. By Wednesday, 80 million people should receive a direct deposit in their bank account, Treasury Secretary Steven Mnuchin has said.
But when the rest of Americans will receive their money will vary. The first group includes people who have already given their bank account information to the IRS for the direct deposit of tax refunds on 2018 or 2019 tax returns, USA Today reported. Additionally, Social Security beneficiaries who filed federal tax returns that included direct deposit information would be part of that first group.
The second wave of money could hit bank accounts the week of April 20 for a group of people who receive Social Security benefits via direct deposit but may not make enough money to be required to file a federal income tax return in 2018 or 2019.
For those receiving paper checks, the first round is expected to go out in late April or possibly the first week in May. The first checks are supposed to go out to families who have the lowest incomes —possibly those who make less than $10,000 a year, according to USA Today.