In upcoming weeks, the IRS will be sending letters as Americans will be cashing their stimulus checks.
According to the IRS, a letter about the economic impact payment to will be sent to taxpayers’ last known address within 15 days after the payment is paid. The IRS said that the letter will provide information on how the payment was made and how to report any failure to receive the payment.
The IRS added that taxpayers should be mindful of scammers, and should visit IRS.gov if they suspect they are being targeted by scammers.
When the first payments will be sent is still up in the air, but Treasury Secretary Steven Mnuchin said his agency is confident that direct deposit checks can begin being processed next week.
The first Americans expected to receive stimulus checks are those whose banking information is in the IRS database. Those who have not given the IRS their bank account information will have a website to update their banking information. That website is expected to be active in the coming days.
Those who are not using direct deposit for a check will have to wait for one in the mail.
As a reminder, here is who is eligible for stimulus checks:
$2,400 – Couples earning less than $150,000 a year (couples earning $150,000 - $198,000 will receive a prorated check).
$1,200 – Individuals earning less than $75,000 a year (individuals earning $75,000 - $99,000 will receive a prorated check).
$500 Each dependent child age 16 or under as of Dec. 31, 2019 (for qualifying individuals and couples).