An estimated 80 million Americans will receive their coronavirus stimulus checks via direct deposit by Wednesday. The Internal Revenue Service confirmed over the weekend that the first wave of payouts had begun to roll out to qualifying Americans who filed a 2018 or 2019 federal tax return and received their refund via direct deposit. Subsequent waves of payouts are expected to occur over the course of the following weeks.
"We are pleased that many Americans are receiving their Economic Impact Payments," Secretary Steven T. Mnuchin said in a Monday release. "This Administration is delivering fast and direct economic assistance to hardworking Americans, and we hope these payments will bring them much-needed relief."
The Treasury Department believes that "a large majority of eligible Americans will receive Economic Impact Payments within the next two weeks." To help aid the rollout of the payments, the IRS has launched two tools for Americans to use: the "Non-Filers: Enter Your Payment Info Here" and the "Filers: Get Your Payment" tool. Both are available by clicking here.
The "Non-Filers" tool was launched for those Americans did not file a 2018 or 2019 federal income tax return because their gross income was under $12,200 ($24,400 for married couples) or for those who weren't required to file a 2018 or 2019 federal income tax return for other reasons. The tool allows people to provide basic information – name, address, Social Security number, bank account number, etc. – to receive their payouts.
The "Filers: Get Your Payment" tool was created to allow people to track their payouts. The tool also allows Americans enter their bank account information to receive their stimulus payout via direct deposit, which will allow them to receive it more quickly than if it were received via mail.0comments
The Washington Post reports the IRS will begin mailing physical checks on April 24. These checks will be sent out in waves, prioritizing low-income Americans. The first wave will focus on those with an adjusted gross income of $10,000 or less. Paper checks for those earning $20,000 or less should be in the mail by May 1, with checks for those earning $30,000 or less going out by May 8 and May 15 for those earning $40,000 or less. The outlet added that the IRS intends to issue roughly 5 million checks every week.
Those who qualify for a stimulus check include single residents with an adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns. Single residents and married couples with adjusted gross incomes exceeding that are also eligible (single residents up to $99,000 and couples up to $198,000), though their payouts will be reduced by $5 for each $100 above the $75,000/$150,000 thresholds.