SAN FRANCISCO (KRON) – Check your bank account – you could have $1,400 more to your name.
The IRS earlier this week confirmed “a large number” of the $1,400 stimulus payments is expected to hit bank accounts Wednesday, March 24.
While many Americans already received direct deposits last week, even more will soon be receiving either paper checks or prepaid debit cards.
The IRS said even if you received direct deposits for the first two stimulus checks, it’s still a good idea to check your mail.
Officials said checks will arrive in a white envelope from the U.S. Department of the Treasury and will be labeled as “Economic Impact Payment” in the memo field.
The Economic Impact Payment Card will also come in a white envelope prominently displaying the seal of the U.S. Department of the Treasury. The card has the Visa name on the front and the issuing bank, MetaBank, N.A. on the back.
Click here for photo examples of the paper check and prepaid debit card.
If you want to check on the status of your payment and see if it has been scheduled, you can do so through the Get My Payment tool on the IRS website, which is updated daily.
After inputting your information, you should receive a message indicating whether your payment has been processed or not. If it has, you will be able to see a date of payment, as well as how the funds were sent (by direct deposit or mail).
Additional payments are expected to go out on a weekly basis, the IRS said.
If you need a refresher, anyone who made $75,000 or less will get the full amount — and couples earning $150,000 or less will get $2,800 in relief payments. As your income level increases above those thresholds, the amount you will receive decreases. The current plan calls for the phase-out of direct payments for single people to be $100,000 and $200,000 for couples.
“Head of household” recipients, such as a single parent, will have a higher income cutoff than the single category.
Those people are still eligible for $1,400 while earning up to $112,500 with $1,400 per dependent. For those Americans, stimulus checks will completely phase out at incomes of $150,000 or more.