LANSING, Mich. — The Internal Revenue Service should be putting the money from our stimulus checks directly into bank accounts in the next couple weeks.
It'll be automatic for anyone who gets their tax return by direct deposit.
Others may have to wait a while.
"A lot of things are slower now than they used to be for deliveries," said Charles Ballard, an Economics Professor at Michigan State University. "If you can get it electronically that's better than getting it in the mail."
Most people will get it electronically.
The IRS already has your bank account information if you get social security, a railroad pension, or have your tax return direct deposited.
Those who don't could have to wait months for a paper check.
But the IRS is working on a web portal where people can enter their bank information to speed up the process.
"People with incomes of less than $75,000 or couples with less than $150,000 will get that check for $1,200 per person. There's an extra $500 for each child," said Ballard.
That's based on how much money you made last year.
If you've filled out the 2018 or 2019 tax return, you're all set. But it's not the only way you can get the stimulus check.
"If you don't have income or aren't required to file a return, fill out a 1040 EZ," said Ballard.
Get that done quicker rather than not -- in a pandemic, timing is everything.
"We're talking about people coming up on two weeks without getting a paycheck. The sooner those checks hit the bank accounts, the better," said Brian Peterson, Director of Public Policy at Anderson Economic Group in East Lansing.
"For those who are unemployed or low-income wage earners, this could make a difference," said Ballard.
The stimulus check is not taxed...so you don't have to worry about it on next year's return.
Want to see more local news ? Visit the FOX47News Website.
Stay in touch with us anytime, anywhere.
Download our free app for Appleand Android
and
Sign up for newsletters emailed to your inbox.
Select from these options: Breaking News, Severe Weather, School Closings, Daily Headlines and Daily Forecasts.
