You’ve been waiting for your COVID-19 stimulus check, and now it’s finally been deposited in your bank account. But there’s a catch: it still says it’s a pending transaction. That’s the situation a lot of people have been facing throughout the country, starting on April 11, when the IRS sent out the first batch of stimulus checks.
That has a lot of people wondering: When will my COVID-19 stimulus check clear?
By several accounts, 80 million Americans should receive their stimulus check money by Wednesday, April 15. That’s according to Treasury Secretary Steve Mnuchin. It’s also according to the dates listed on some people’s banking transactions. Some people have gotten them sooner, depending on when the IRS sent them out.
If you don’t get your payment by Wednesday at all – meaning you don’t even see it as pending in your account – the IRS has set up an alternate method for you to get your check, presuming you qualify.
“We are ahead of schedule on delivering the economic impact payments. … We started processing those last Friday. We expect that over 80 million hard-working Americans will get the direct deposit by this Wednesday,” Mnuchin said in an April 13 news conference, which you can watch below.
On Wednesday, if you still haven’t gotten your payment, you can visit the IRS Economic Impact Payments page and click on “Get My Payment.” You then should be able to get the payment within a couple days. Social Security recipients will get a direct deposit without doing anything. “We are very pleased that that is ahead of schedule,” said Mnuchin.
Here’s what you need to know:
It Appears the Checks Have About a Two-Day Lag Time to Clear
Some people have already gotten their money, but, as noted, the IRS started sending out stimulus checks on Saturday – and the government says it’s sending the checks out in waves. You can use stimulus calculators to help figure out how much money you’re getting. Find them here.
According to Politico, people should have the money that’s pending by Wednesday, April 15. Here’s how the process works: The Treasury Department sent banks a transmission to confirm accounts last week, and then, on Monday, the IRS began processing actual payments. That means people will get the actual money “on Wednesday,” Politico reported. The “pending” notation is just a step in this transaction, but it means the money’s about to be freed up to you. Some payments could clear sooner than Wednesday.
People with April 13 pending transactions have shared screenshots showing deposits set to clear on April 15.
The checks are typically $1,200 for single people but are $2,400 for married people who file jointly – again, subject to income limits. You can get more with children in some cases.
According to GVwire, the Treasury Department “was expected to begin notifying banks of the incoming payments Friday (April 10),” and that takes a few days generally to complete, “meaning the money would finally become available to spend mid-week.” Thus, if it’s listed as pending in your account, it’s a good sign. It should only take a couple days to clear at the most. The hold isn’t going to be a long one.
Politico reported on Thursday, April 9, that people with direct deposit will “get access to the money next week.” If you don’t have direct deposit, it’s a different story. The IRS will mail you a paper check, and those will start going out in early May, but thanks to the IRS’ phased timeline some people may not receive their checks for up to five months, according to Politico.
Who Is Getting a Stimulus Check?
Not everyone qualifies for the money. That’s true of people who are dependents on other people’s tax returns (unfortunately, that applies to a lot of college students). It also applies to people who make too much money.
“The IRS is committed to helping you get your Economic Impact Payment as soon as possible,” the IRS explains. “The payments, also referred to by some as stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees.”
Who is eligible? According to the IRS:
U.S. residents will receive the Economic Impact Payment of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to:
$75,000 for individuals
$112,500 for head of household filers and
$150,000 for married couples filing joint returns
Taxpayers will receive a reduced payment if their AGI is between:
$75,000 and $99,000 if their filing status was single or married filing separately
112,500 and $136,500 for head of household
$150,000 and $198,000 if their filing status was married filing jointly
The amount of the reduced payment will be based upon the taxpayers specific adjusted gross income.
Eligible retirees and recipients of Social Security, Railroad Retirement, disability or veterans’ benefits as well as taxpayers who do not make enough money to normally have to file a tax return will receive a payment. This also includes those who have no income, as well as those whose income comes entirely from certain benefit programs, such as Supplemental Security Income benefits.
Retirees who receive either Social Security retirement or Railroad Retirement benefits will also receive payments automatically.
Who likely won’t get a check? People whose adjusted gross income is greater than:
$99,000 if your filing status was single or married filing separately
$136,500 for head of household
$198,000 if your filing status was married filing jointly
Dependents, people without valid Social Security numbers, and “nonresident aliens” don’t qualify, the IRS says.
Find the IRS page on stimulus check eligibility here.