IRS deposited the first wave of stimulus checks

0
39

(CNN) – The Internal Revenue Service sent the first wave of stimulus checks to Americans on Saturday, the agency said.

“#IRS made the first payments today for economic impact on taxpayers’ bank accounts. We know that many people are keen to receive their payments. We will continue to issue them as soon as possible.” IRS wrote on Twitter Saturday night.

Stimulus check: how much can you expect?

Deposits will continue in the coming days, starting with people who have filed tax returns for 2018 or 2019 and approved a direct deposit. Others – including those who have not submitted a return, have not approved direct deposits, or have not received social security – are likely to have to wait weeks or months before seeing their money.

The distributions are part of the $ 2.2 trillion economic relief package approved by Congress in March.

Under the economic aid package, individuals are due up to $ 1,200 and couples receive up to $ 2,400 – plus $ 500 per child. However, for people with a gross adjusted income of more than $ 75,000, payments are gradually phasing out. The amount will then be reduced by $ 5 for every additional $ 100 of adjusted gross income, and those who earn more than $ 99,000 will not receive anything. Income thresholds would be doubled for couples.

For those who haven’t filed a tax return for either 2019 or 2018, the IRS urges them to do so quickly, even for those who don’t normally need to file a tax return. This includes people who earned less than $ 12,200 in 2019 and couples who earned less than $ 24,400.

In the meantime, the IRS expects to begin issuing paper checks in the week of May 4, as the House Democracy memo shows.

The checks are issued at a rate of approximately 5 million a week, the memo says. People with the lowest income based on adjusted gross income receive their checks first.

In the past, sending checks took longer than depositing directly. In 2008, when the government distributed similar stimulus funds, deposits were made over a three-week period, while paper checks were mailed over a ten-week period.

According to the law, the IRS has until the end of 2020 to transfer payments.



Source