$600 stimulus checks are officially on the way. Here's who will get them first - CNBC

Twenty/20

The $600 stimulus checks from the latest Covid relief bill are officially on their way to bank accounts, according to two tweets from Treasury Secretary Steven Mnuchin on Tuesday evening.

The checks could arrive as early as tonight for those who have direct deposit, according to Mnuchin.

Your stimulus check will come this way if you set up direct deposit with the IRS for your 2019 tax return by providing them with your bank account information. If that information has changed, it will delay the receipt of your stimulus check, according to the IRS.

Direct deposits will start Tuesday evening and continue through next week, said Mnuchin.

If you don't have direct deposit set up with the IRS, it will likely take longer for a stimulus check to arrive as it will be mailed to you. Paper checks will begin to be mailed to eligible recipients on Wednesday, Mnuchin said.

In addition, Mnuchin said that later in the week, eligible Americans will be able to track the status of their payment through the IRS.

The latest Covid relief bill includes direct checks of $600 for eligible adults and $600 per dependent, meaning a family of four could receive $2,400. Individuals who earned less than $75,000 and those married filing jointly who earned less than $150,000 in 2019 are eligible for the full amount.

Those who made more are eligible for reduced stimulus checks. But, the checks phase out completely for individuals that earned $87,000 and couples that made $174,000 in 2019.

More from Invest in You:
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Trump signs off on $600 checks; vote on $2,000 payments still happening
The steps you need to take to prepare for financial emergencies in 2021

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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.

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$600 stimulus checks are officially on the way. Here's who will get them first - CNBC
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