Third stimulus check: Here’s what could delay or lower your payment – By Aimee Picchi (Marketwatch) / Mar 13 2021
The third stimulus check is already hitting some bank accounts, just one day after President Joe Biden signed the American Rescue Act into law. But while some households will see the funds within the next few days, others may be in for a longer wait.
About 85% of people will receive one of the $1,400 checks, Mr. Biden said on Friday. But it’s likely that some of the issues that stymied delivery for some people in the previous two rounds could cause a repeat situation. For instance, some people who didn’t have a bank account on file with the IRS during the previous two rounds of checks had to wait several weeks for debit cards or paper checks to reach their homes.
It’s most likely that people who have filed their 2020 or 2019 tax returns and have a bank account on file with the tax agency will quickly receive their stimulus checks through direct deposit, based on the prior payment rollouts. That’s because the IRS prioritizes getting the stimulus money out quickly to those that it knows it can reach — and it’s a massive effort, given that the tax agency has $422 billion in funds to distribute to more than 100 million taxpayers.
“You don’t need to do anything to get your stimulus check,” a TurboTax spokesperson told CBS MoneyWatch in an email. “The IRS will determine eligibility based on your last tax return (either 2019 or 2020) and will likely send your payment to the bank account where your tax refund was deposited.”
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