In an effort to rescue millions of Americans who are out of work and otherwise negatively affected by the coronavirus shut down, the IRS and United States Treasury Department says they’ll be sending out stimulus payments under the newly passed CARES Act. Most eligible Americans will receive a payment in the amount of $1,200. Keep reading to find out when the U.S. government says you’ll get your stimulus payment.
Wondering how big your stimulus check will be? Calculate Your COVID-19 Stimulus Payment HERE.
The payments are part of the $2.2 trillion rescue package signed into law by President Donald Trump. The purpose of the CARES Act is to help America’s most vulnerable by helping them get through the coronavirus shut down while they’re stuck at home.
The IRS is asking people not to call in because their systems are already loaded down with inquiries. Most Americans will not have to do anything in order to get their stimulus payment. Here’s When You Can Expect To Receive Your Economic Stimulus Payment:
Here’s When You Can You Expect To Get Your Stimulus Payment
According to multiple sources, most eligible Americans with direct deposit information on file with the IRS will get their stimulus payment deposited to them within the next three weeks.
To help everyone check on the status of their payments, the IRS just launched a new tool called Get My Payment expected to be available for use by April 17.
Get My Payment will provide people with the status of their payment, including the date their payment is scheduled to be deposited into their bank account or mailed to them.
An additional feature on Get My Payment will allow eligible people a chance to provide their bank account information so they can receive their payment more quickly rather than waiting for a paper check.
The direct deposit feature will be unavailable if the Economic Impact Payment has already been scheduled for delivery.
Mailed Stimulus Checks Are Being Sent Based On Income Level
Eligible Americans with the lowest incomes will get their mailed checks first, according to a report by the Washington Post.
Here’s when you can expect to have your stimulus CHECK mailed to you per the article by the Washington Post:
- Taxpayers with income up to $10,000: April 24
- Taxpayers with income up to $20,000: May 1
- Taxpayers with income up to $30,000: May 8
- Taxpayers with income up to $40,000: May 15
The remaining checks will be mailed each week according to income levels increasing by $10,000 weekly.
Households earning $198,000, who file jointly, will get their reduced checks on September 4.
All others would be sent on September 11, mostly because the IRS did not have prior tax information for them and they need to apply for the checks.
Who is eligible for the Economic Impact Payment?
U.S. citizens or resident aliens who:
- Have a valid Social Security number,
- Could not be claimed as a dependent of another taxpayer, and
- Had adjusted gross income under certain limits.
Who will receive the Economic Impact Payment automatically without taking additional steps?
Most eligible U.S. taxpayers will automatically receive their Economic Impact Payments including:
- Individuals who filed a federal income tax for 2018 or 2019
- Individuals who receive Social Security retirement, disability (SSDI), or survivor benefits
- Individuals who receive Railroad Retirement benefits
Who needs to provide additional information to receive the Economic Impact Payment?
Eligible U.S. citizens or permanent residents who:
- Had gross income that did not exceed $12,200 ($24,400 for married couples) for 2019
- Were not otherwise required to file a federal income tax return for 2019, and didn’t plan to
You can provide the necessary information to the IRS easily and quickly for no fee through Non-Filers: Enter Payment Info which is found below.
Non-Filers: Enter Payment Info Here
How much will my Economic Impact Stimulus payment be?
The quick answer is that if you made no more than $75,000, then you’ll be getting a $1,200 check, plus $500 per child under the age of 17. If you’re married, then you’ll be getting $2,400, plus $500 per child, as long as your income is not higher than $150,000.
If you’re income is higher than the above amounts, then you’ll be receiving a portion of the amount based on your income. Income is capped to receive anything at all is $99,000 for single filers, $198,000 for married filers, and $146,500 for those who filed as head of household.
Individuals who receive Social Security retirement, survivors or disability benefits, SSDI or who receive Railroad Retirement benefits but did not file a return for 2019 or 2018 will automatically receive a payment in the near future.
More Information on Economic Impact Payments
The IRS will post additional updates related to the shut down on IRS.gov/coronavirus.
Here’s When You Can You Expect To Get Your Stimulus Payment
The IRS plans to begin sending economic impact stimulus payments starting mid-April. Here’s when you can expect to get your shut down stimulus payment.
Here’s More on Metroplex Social:
- Here’s How BIG Your Economic Stimulus Payment Will Be
- Here’s How The CARES Act Helps Families And Businesses
- 135 Top Grocery Store Survival Foods To Get During the Shutdown
- How Much Food You’ll Need For The Next 3 Months
- Judge Allows McKinney Photographer To Get Her Property After Being Locked Out
How has the COVID-19 shutdown affected you? Let us know in the comments below.