The Internal Revenue Service announced over the Easter holiday weekend that it had already begun dispersing the first round of coronavirus stimulus checks into the bank accounts of qualifying U.S. citizens through direct deposit.
#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today. We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can. For #COVIDreliefIRS updates see: https://t.co/hEEWmgHA9V pic.twitter.com/2bSHOTjMAS
— IRS (@IRSnews) April 11, 2020
The money comes from the $2.2 trillion stimulus package passed by Congress through the CARES Act that is aimed at keeping Americans and the economy afloat during the Coronavirus Disease 2019 (COVID-19) crisis.
According to the IRS, direct deposits of the $1,200 stimulus checks will continue over the next several days and weeks and that officials are issuing them as fast as they can.
Who is getting their checks first
The IRS is starting with people who have provided banking information while filing taxes the past few years, 2018 and 2019. However, people who haven't used direct deposits will get checks by mail, which could take weeks or even months.
For those who received their last IRS tax refund via direct deposit, the money will go directly into their bank account.
Those that received their refund the old-fashioned way, a check will come by mail. But that could take several months, the government says.
Web address: https://www.irs.gov/coronavirus/economic-impact-payments
Stimulus check tracker
The IRS web portal will let users check the status of their stimulus payments and is expected to launch by Friday, April 17.
The IRS Stimulus check tracker can be accessed on the IRS website by clicking on the "Get My Payment" button, when it launches.
Web address: https://www.irs.gov/coronavirus/economic-impact-payments
Who will qualify for a $1,200 stimulus check?
About 90% of adults should qualify for an initial $1,200 stimulus payment. If they qualify:
- Individuals will receive a check for $1,200.
- Married couples will receive a check for $2,400.
- Each dependent child will receive $500 (payable to their parents).
Who does not qualify for a check?
High-income individuals will not receive a check.
- Benefits will phase out starting at $75,000 in Adjusted Gross Income.
- Singles earning more than $99,000 (Adjusted Gross Income) in 2019 will not receive any check.
- Married couples earning more than $198,000 in 2019 will not receive any check.
What if I don't file taxes every year?
The IRS launched a webpage to allow non-tax filers to provide the federal government with payment information by clicking on the "Non-filers: Enter payment info here" button.
Seniors on Social Security and younger people on disability will now qualify for a check automatically.
Those that receive Social Security do not have to file any tax forms, and the check will go to the same bank account (or mailbox) where they receive monthly benefit checks.
Web address: https://www.irs.gov/coronavirus/economic-impact-payments
Who should use the "Non-Filers" tool?
According to IRS.gov, this new tool is designed for people who did not file a tax return for 2018 or 2019 and who don't receive Social Security retirement, disability (SSDI), or survivor benefits or Railroad Retirement benefits. Others who should consider the Non-Filers tool as an option, include:
- Lower income
- Veterans beneficiaries and Supplemental Security Income (SSI) recipients
- Social Security, SSDI and Railroad Retirement beneficiaries with qualifying dependents.
- Students and others
For more details on the IRS and its stimulus checks, look at the Frequently Asked Questions page on IRS.gov.
Web site: https://www.irs.gov/coronavirus/economic-impact-payment-information-center