MINNEAPOLIS — Keep an eye on your bank accounts!
The IRS is now depositing the first wave of Coronavirus stimulus payments.
Some people already have their money, but others might not get it for weeks, or even months.
"They're only sending out about 2-million a day. So, it's going to take some time," CPA Scott Kadrlik says.
Kadrlik says the IRS is expecting to send out more than 100-million stimulus payments.
So, doing the math, at 2-million a day, he says some Americans may not receive their money until late May.
"My understanding is that the IRS was going to start with lowest income people first and work their way up to the higher income people," Kadrlik says.
And that's only if the IRS has your direct deposit information on file, if they don't, the IRS will have to send a physical check, which Kadrlik says could take even longer.
"There's discussion it could take as long as August for you to receive that physical check," Kadrlik says.
There is one thing you can do to speed that up.
If you've haven't filed your 2019 taxes yet, Kadrlik says you could send that tax return in with your direct deposit information and possibly get your stimulus money weeks or even months sooner.
But if you've already filed...
"You just have to wait," Kadrlik says.
If you don't file taxes, don't worry, you'll still get a check.
If you receive Social Security payments for retirement or a disability, the IRS already has your information.
You don’t have to do anything but wait for your money to come.
However, if you don't receive those benefits and don't file taxes, or your only income is from veterans benefits, Kadrlik says you'll need to go to the IRS website to register.
Visit IRS.gov, and click on the tab on the front page that says “Non-filers: Enter Payment Info Here.”
The next web page will ask you to fill out some personal information such as your name, address and email.
You’ll also have to create a username and password.
The website will then ask you for your banking information.
You’ll need to have your bank’s routing number and your checking account number ready.
Kadrlik says you can find both numbers at the bottom of your checks.
“Make sure you are on IRS.gov when you’re filling out this information. Do not go into any other websites that are asking for this information. There could be some phishing scams or other types of scams going on. So, be careful,” Kadrlik says.
If you'd like to track your payment the IRS is launching a new tool later this month called "Get My Payment."
It will show you when the money should arrive, and you can even add direct deposit information to get your money quicker.
The IRS website says this new tool will be released in “mid-April.”
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The state of Minnesota has set up a hotline for general questions about coronavirus at 651-201-3920 or 1-800-657-3903, available 7 a.m. to 7 p.m. There is also a data portal online at mn.gov/covid19.