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IRS deposits first wave of stimulus checks
Last edited Sun Apr 12, 2020, 08:20 AM - Edit history (1)
IRS deposits first wave of stimulus checksBy Sam Fossum and Kelly Mena, CNN
Updated 7:53 PM ET, Sat April 11, 2020
Read here: https://www.cnn.com/2020/04/11/politics/irs-coronavirus-stimulus-check-deposit/index.html
(snips)
The Internal Revenue Service sent out the first wave of stimulus checks to Americans on Saturday, the agency said. "IRS deposited the first Economic Impact Payments into taxpayers' bank accounts today. We know many people are anxious to get their payments; we'll continue issuing them as fast as we can," the IRS wrote Saturday evening on Twitter.
Deposits will continue in the days ahead, starting with people who have filed tax returns for 2018 or 2019 and authorized direct deposit. Others -- including people who haven't filed returns, authorized direct deposits, or receive Social Security -- will probably have to wait weeks or months before seeing their money.
Under the economic relief package, individuals are due up to $1,200 and couples will receive up to $2,400 -- plus $500 per child. But payments start phasing out for individuals with adjusted gross incomes of more than $75,000. The amount will then be reduced by $5 for every additional $100 of adjusted gross income, and those making more than $99,000 will not receive anything. The income thresholds would be doubled for couples.
Meanwhile, the IRS expects to start issuing paper checks the week of May 4, according to the House Democratic memo.
The paper checks will be issued at a rate of about 5 million per week, the memo says. Individuals with the lowest income, based on adjusted gross income, will receive their checks first.
Deposits will continue in the days ahead, starting with people who have filed tax returns for 2018 or 2019 and authorized direct deposit. Others -- including people who haven't filed returns, authorized direct deposits, or receive Social Security -- will probably have to wait weeks or months before seeing their money.
Under the economic relief package, individuals are due up to $1,200 and couples will receive up to $2,400 -- plus $500 per child. But payments start phasing out for individuals with adjusted gross incomes of more than $75,000. The amount will then be reduced by $5 for every additional $100 of adjusted gross income, and those making more than $99,000 will not receive anything. The income thresholds would be doubled for couples.
Meanwhile, the IRS expects to start issuing paper checks the week of May 4, according to the House Democratic memo.
The paper checks will be issued at a rate of about 5 million per week, the memo says. Individuals with the lowest income, based on adjusted gross income, will receive their checks first.
IRS Coronavirus Tax Relief and Economic Impact Payments web site:
Link: https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments
KY............
2 replies
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I fall into the "will probably have to wait weeks or months before seeing their money" category, but we're holding our own with my SS check. Will be nice to receive that financial buffer though, in case one of the kids run thin.
Can't imagine how folks with a mountain of debt or pile of bills with no income are handling this ordeal.
KY....