Didn’t get your stimulus yet? It may arrive very soon.

On March 11, President Biden signed a sweeping $1.9 trillion relief bill into law. That bill contains a host of provisions designed to help Americans overcome the financial struggles that the pandemic has caused. But perhaps the most celebrated provision is the newest round of stimulus payments worth $1,400 apiece.

In fact, just days after the relief bill was signed, the IRS began sending out stimulus payments, and many people who were eligible for direct deposit saw those funds clear their bank accounts by March 17.

But not everyone who’s eligible for a stimulus payment has received their money yet. The IRS said from the start that it would be issuing those payments in batches. As such, those who weren’t part of the first round are currently missing their cash.

Today, however, the IRS announced that a second batch of $1,400 stimulus payments should land in recipients’ bank accounts on Wednesday, March 24.

When will your stimulus payment arrive?

If you’re in line for an electronic stimulus payment (via direct deposit) and you didn’t get one yet, Wednesday may be your lucky day. But if you’re not eligible for direct deposit and are waiting for a stimulus to arrive in the mail, you may need to sit tight for a bit.

The IRS can only issue a limited number of physical payments at once. In fact, as part of its initial batch of payments that included over 90 million recipients, it sent out a mere 150,000 physical checks. As such, if you’re not getting direct deposit, there’s a good chance you won’t see your stimulus funds until April or possibly May. The IRS didn’t say how many physical checks it was able to include in this second batch, but chances are it’s nowhere close to the number of electronic payments that are going out.

Will you get a check or a debit card?

During the previous two rounds of stimulus payments, some recipients wound up with a check in the mail, while others received a debit card loaded with their stimulus funds. It was unclear as to why some people got a check versus a debit card, but be prepared this time, because debit cards in the mail can mimic junk correspondence. The last thing you want to do is accidentally toss your stimulus in the trash.

What if you’re missing a previous stimulus check?

At this point, there’s nothing you need to do if you haven’t gotten your $1,400 under this new stimulus round. But if you were entitled to a previous stimulus payment and haven’t gotten it yet, then you will need to take action — namely, by claiming that missing check on your 2020 tax return. Look for the Recovery Rebate Credit and include the amount you were supposed to receive but didn’t. If you’re filing an electronic return, your software should help you calculate that amount. If you’re filing on paper, there’s a worksheet you can consult.

More money is on the way

When you know you’re eligible for a $1,400 check, the last thing you want to do is wait — especially if you’re having a hard time managing your expenses. Fortunately, that money is on the way, and you can use the IRS’s Get My Payment tool to follow up on your stimulus and determine when you can expect its arrival.

— Maurie Backman

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Source: The Motley Fool