When does stimulus check get deposited? The Internal Revenue Service (IRS) said it already began rolling out coronavirus stimulus payment to qualified Americans over the weekend.
The IRS, according to its Tweet on Saturday, deposited the first wave of aid into taxpayers' bank accounts. Eligible citizens who have direct deposit must expect new figures on their accounts.
“#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today,” the IRS announced in a tweet.
“We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can.”
The payments they sent out are a significant part of the $2.2 trillion package passed by Congress at the end of March.
The disaster aid aims to respond to the effects of the coronavirus pandemic, such as the furlough or layoff of employees.
The package covers direct payments of $1,200 to most American adults and assistance for small businesses that will allow them to pay workers.
Aside from the question when does stimulus check get deposited, Americans are also asking about who can receive aid and how it will be sent to them.
Individual taxpayers who earn less than $75,000 will receive $1,200 checks. Meanwhile, married couples filing jointly who make less than $150,000 will be given $2,400. They will also be qualified for $500 for each dependent child under 17.
The checks begin to vary for workers receiving more than $75,000 as salary and end for those who make $99,000 or more. Also, couples who earn more than $198,000 will not get a check.
The IRS looks into income amounts based on tax returns filed for 2018 or 2019. Taxpayers who do not use direct deposit will receive checks, but this may result to weeks of delay.
The first group of recipients, which could be around 50 million to 60 million Americans, would cover individuals who have already sent their bank account details to the IRS.
In addition, the initial recipients include Social Security beneficiaries who filed federal tax returns that included direct deposit details, based on an alert previously released by U.S. Rep. Debbie Dingell, D-Mich.
Americans who have not received their payments can report to the IRS.
“For security reasons, the IRS plans to mail a letter about the economic impact payment to the taxpayer’s last known address within 15 days after the payment is paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment. If a taxpayer is unsure, they’re receiving a legitimate letter, the IRS urges taxpayers to visit IRS.gov first to protect against scam artists,” according to the IRS.
The next series of funds could will be rolled out as early as the week of April 20 for those who receive Social Security benefits through direct deposit but may not make enough money to be required to file a federal income tax return in 2018 or 2019.
“The estimates are that nearly 99% of Social Security beneficiaries who do not file a return receive their benefits through direct deposit,” according to Dingell’s alert.
Moreover, the U.S. Treasury Department is expected to launch a web-based portal system sometime this week. Through this portal, people can provide their own direct deposit information in order to hasten the delivery of funds and avoid the checks altogether.
