Eligible Americans with direct deposit accounts set up have begun to receive their coronavirus relief payment.
Over 80 million Americans will see the coronavirus stimulus checks deposited into their bank accounts today.
The first round of checks, which are part of the federal government’s response to unprecedented unemployment levels financial strain caused by coronavirus pandemic, were automatically deposited into the bank accounts of those who filed a 2018 or 2019 tax return and received a refund via direct deposit.
Social Security retirement and disability beneficiaries will also automatically receive their payments.
Those who do not typically file tax returns and have not provided the IRS with their bank account information, as well anyone receiving paper checks will have to wait a bit longer, according to the U.S. Treasury.
No checks have been mailed yet, and it is expected to take a few months for all of them to be sent out.
You can track your payment with the new IRS Get My Payment tool. You will need to input your Social Security number and the mailing address on your last tax return to check the status of your check.
Eligibility
For Americans to receive the coronavirus stimulus check, an individual must have a work-eligible Social Security number and cannot be the dependent of another taxpayer. The relief applies to both people without incomes and those whose sole income is derived from a benefit program, like Social Security.
The payments will be $1,200 per adult for those with adjusted gross incomes of up to $75,000. The threshold for married couples is $150,000 – they are eligible for $2,400 and $500 per child.
The payment steadily declines for those who make more. Those earning more than $99,000, or $198,000 for joint filers, are not eligible. The thresholds are slightly different for those who file as a head of household.
Parents will also receive $500 for each qualifying child.
What you need to do
The IRS will administer the program and determine eligibility based on an individual’s 2019 tax return. If 2019 taxes have not been filed, the agency will look at their field 2018 tax returns. That includes individuals who file returns for the Earned Income Tax Credit but do not otherwise pay taxes.
For most people, the stimulus checks will be directly deposited in American tax payers bank account if the government has that information from your tax return. But some people who might not traditionally file tax returns will need to take action. People behind on filing their federal tax returns might also want to get caught up.
The government will default to sending you the check by mail if a tax payer did not use direct deposit. However, IRS and Treasury will develop an online portal in the coming weeks for individuals to provide their banking information so that they can receive the payments immediately instead of in the mail.
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