On Saturday afternoon, the IRS said via Twitter that it had “deposited the first Economic Impact Payments into taxpayers’ bank accounts.” In actuality, the IRS had transmitted, via the U.S. Treasury, credits to the Federal Reserve for this first round of Economic Impact Payments. All of the payments in this first round will have the settlement date of Wednesday, April 15.
The IRS will be sending Economic Impact Payments over the next several weeks to those eligible. The first wave, an estimated 81 million payments, includes many of those who have provided their bank account information through filing their taxes in 2018 or 2019 or through other federal programs. Not all of the payments have been sent yet. In this first round, the IRS will continue sending payments through Monday night, with instructions to make the deposits on April 15. All of our members that are getting payments in this round will have the money by Wednesday morning.
It is the IRS that determines when payments are made, and we will not know which round you are in until we receive a payment for you. Some people might be getting payments in future rounds. Many recipients will receive payments via check, and those are expected to be delivered over several weeks beginning the week of April 20th. The IRS will have a tool soon called “Get My Payment” where you can track your Economic Impact Payment. The IRS has stated that this website will be live by mid-April here.