First coronavirus relief checks deposited to Americans: IRS
- Author: Darren Santiago Apr 13, 2020,
Apr 13, 2020, 0:24
The Internal Revenue Service is sending $1,200 to Americans making less than $75,000 a year, plus $500 for each dependent child under the latest coronavirus stimulus package. Otherwise they will be sent by mail. You give the official IRS site basic information like a Social Security number, name, address and dependents. Using the tool to get a payment will not result in any taxes being owed. Otherwise, the payment will be mailed out.
The paper checks will be issued at a rate of about 5 million per week, the memo says.
President Donald Trump has said that he "likes the concept" of a second round of payments and House Speaker Nancy Pelosi, D-Calif., said on CNN last month that "we think we'll get more direct payments in another bill", suggesting that Congress could revisit the issue.
The IRS has announced that payments will start being processed and will be available for those who typically file taxes beginning on Monday, April 13, 2020. Some will likely need to request payment online.
Page 1 of 2 in the IRS stimulus payment application page for non-filers. It will let people provide direct deposit information to the IRS so their pandemic relief funds, officially called "economic impact payments", can be deposited into their bank accounts directly, instead of them having to wait for a check in the mail.
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For people who do not file taxes, including low-income people and those on Social Security, the IRS has a portal set up so they can send their bank account information in to set up direct deposit of their money.
Is there a deadline to receive an economic impact payment? The app is expected to go live on April 17.
Social Security beneficiaries will also receive their payments automatically.
If you file as head of household as many single parents do, the AGI limits are higher. So if your joint AGI is under $150,000 you obtain a complete settlement of $2,400 Payments taper down as well as no pair with an AGI over $198,000 obtain a repayment.
Eligible retirees and recipients of Social Security, Railroad Retirement, disability or veterans' benefits as well as taxpayers who do not make enough money to normally have to file a tax return will receive a payment.