Up to 80 million Americans who qualify for automatic stimulus payments are receiving them via direct deposit this week. This group include households whose direct deposit information is already on file with the IRS from their 2018 or 2019 tax return. Single taxpayers who earned less than $75,000 can expect a $1,200 stimulus check. Married couples filing jointly who earned less than $150,000 can expect $2,400 and each dependent child age 17 or younger can receive $500.
Next, the IRS will make a second round of April payments to Social Security beneficiaries. It isn’t clear which wave will include Americans who haven’t filed or haven’t given the IRS their direct deposit information previously, although the IRS has outlined steps to allow people in these groups to get their payments direct deposited.
Finally, paper checks will begin to be sent in early May to taxpayers who didn’t get theirs through direct deposit, although this process is expected to take several weeks. Taxpayers with the lowest annual adjusted gross income will receive their stimulus check first, beginning with those who earn less than $10,000. Each week, approximately 5 million paper stimulus checks will be sent at increasing income increments.
The U.S. Treasury Department and the IRS recently released a new web application called “Get My Payment” which is available on the webpage https://www.irs.gov/coronavirus/get-my-payment. Users are able to see the status of their check and the expected payment date, either by direct deposit or in the form of a paper check to be mailed out. Users who filed tax returns in 2018 and/or 2019 and did not provide to the IRS direct deposit information (meaning that they either chose to receive their tax refund as a check, or didn’t get a refund at all) are allowed to submit their bank account information through the app so they can get the stimulus check directly and quickly rather than waiting for a paper check in the mail.
ATTENTION! If you receive a call, email, Facebook message, or other communication about your stimulus check, it’s probably a scam. The IRS will never ask you to verify personal information over the phone.
By: Piero Salussolia P.A.
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