The first wave of coronavirus-spurred stimulus payments have been directly deposited into Americans’ bank accounts, and more are expected to arrive very soon. The IRS made the announcement via Twitter over the weekend.
According to the House Committee on Ways and Means, the IRS will make about 60 million payments to Americans via direct deposit this week, using bank information provided on 2018 and 2019 tax returns. The committee expects the second run of payments to go out approximately ten days after the first wave. Those payments will primarily focus on social security beneficiaries who did not file taxes in 2018 and 2019 and receive their benefits through direct deposit.
The third wave of stimulus payments will be directed towards those who do not have direct deposit information on file by that time. Those payments will go out via paper checks on or around the week of May 4th. If banking information isn’t currently on file with the IRS, taxpayers are also able to update their information with the IRS using the IRS portal.
Most adults who make $75,000 in adjusted gross income as individuals, $112,500 as heads of household, and $150,000 as a married couple will see a $1,200 stimulus payment. Individuals and households that bring in salaries above that threshold will see reduced payments. Anybody who makes $99,000 as an individual or $198,000 as a married couple, will see no payment.
For those Americans eager to see when their check will arrive, the IRS is launching a new tool that will be available on the Economic Impact Payment web page starting Friday, April 17. “Get My Payment” will help people check their status to see approximately when their payment will hit and take other stimulus-related actions.
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