The Internal Revenue Service has issued the first wave of stimulus relief checks directly into many Americans’ bank accounts, which may have you wondering when you’ll get your payment.
The IRS announced it has sent out the first of what it has formally deemed “Economic Impact Payments” via Twitter on Saturday with a promise that more are coming very soon.
#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 stimulus relief checks are part of the $2.3 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act that was signed into law in mid-March as a comprehensive package that aims to help both individuals and businesses who have taken an economic hit during the COVID-19 shutdown.
Anyone whose reported income was $75,000 or less on their latest tax filing (2019 or 2018 if this year’s taxes have not been filed yet) is eligible for a $1,200 direct payment. Joint filers are eligible for a $2,400 stimulus relief check on reported income up to $150,000.
So when can you expect your stimulus relief check? The IRS notes that anyone who filed 2018 or 2019 tax returns and chose to receive a refund through direct deposit will be the first to receive their direct payment.
The Department of the Treasury announced Monday that over 80 million Americans should receive their direct payments in their bank accounts this week.
It will take a lot longer for anyone who chose to receive their tax refund through the mail, or for anyone who does not typically file taxes, like anyone receiving Social Security benefits that doesn’t need to file taxes because their income is low enough.
A memo from the House Ways and Means Committee stated that physical checks won’t be sent until May. The IRS has said it would prioritize lower income households when it starts sending physical checks.
Don’t worry if you have not seen your stimulus relief check hit your bank account yet. The IRS is releasing a tracking tool later this week that it’s branding “Get My Payment.”
The tool should launch Friday, and it will allow users to check on their payment status, confirm how they will receive payment and even enter direct deposit information if anyone would like to receive their stimulus relief check electronically.
While most Social Security beneficiaries should not have to do anything to receive their stimulus relief check, the Social Security Administration has advised any beneficiaries with dependents age 17 or younger to go here to claim those dependents, which equate to an extra $500 per eligible child.
We’ll have to see how efficient the roll out of the stimulus relief checks is over the next few weeks as some people are in dire need of aid amid the COVID-19 economic shutdown.