MINNEAPOLIS (FOX 9) - More than 80 million Americans are expected to see a stimulus payment of $1,200 or more in their bank accounts Wednesday, according to the United States Treasury Department.
Don’t see any money deposited in your account? The IRS has launched a Get Your Payment tracking tool to see when your stimulus money will arrive and confirm how you want to be paid. You can find that webpage at https://www.irs.gov/coronavirus/get-my-payment.
To track your payment, you'll need to enter some tax information. The page will then tell you if you need to enter your bank account information to get the money directly deposited into your account. If you would prefer to receive a check or cannot provide the information asked, a check will be mailed to the address the IRS has on file.
How much money will you get? The IRS and online tax preparation company TurboTax created an online tool to show if you qualify for a stimulus check and calculates the amount. You can find that tool at https://turbotax.intuit.com/stimulus-check.
Most individuals will get $1,200 and married couples will receive $2,400 under the economic impact payments. Adults will also get $500 for each child who qualifies.
Paper checks will take longer. The Treasury Department encourages anyone who can use direct deposit to do so because it could take months to get physical checks in the mail. The first wave of people to receive the money will be Americans who filed their taxes in 2018 or in 2019 and received a refund via direct deposit.
Within 15 days after the payment is paid, the IRS plans to mail a letter to the taxpayer’s last known address notifying the recipient on how the payment was made. It will also include details on how to make a report if a person did not receive the payment.
To protect your stimulus check, here's what you shouldn't do:
- Don't give out personal information from anyone claiming they are from the government or want to expedite your check.
- DO NOT CLICK on phishing e-mails that want you to log into a website, and that your check can be expedited.
- The IRS will never call, text, or e-mail you asking for personal or bank account information. The agency will send people a letter.
If you’re looking for other ways to save money, financial experts recommend calling all of your providers like cell phone companies and cable companies to negotiate better rates.
The nation’s biggest auto insurance companies are also giving people a big break on premiums because traffic is down so much. On average, Minnesotans with auto insurance through State Farm will see a 25 percent policy credit covering the dates between March 20 and May 31.
“People are driving fewer miles and, as a result, they are having far fewer claims and given that as a mutual company, we are going to give money back to our valued policy holders to the tune of $2 billion.
How are you spending your stimulus? Most people that spoke to FOX 9 are planning on putting those federal dollars to essentials like rent, bills and groceries.