You may already be checking your bank statement because the Internal Revenue Service (IRS) reported through its Twitter account that it has already started sending federal stimulus checks.
The first wave of stimulus checks sent to Americans affected by the coronavirus pandemic came out on Saturday, the agency said.
“#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today. We know that many people are eager to receive their payments; We will continue to broadcast them as fast as we can, ”wrote the IRS on Saturday night on Twitter.
#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. For #COVIDreliefIRS updates see: https://t.co/hEEWmgHA9V pic.twitter.com/2bSHOTjMAS
— IRS #COVIDreliefIRS (@IRSnews) April 11, 2020
According to a senior Treasury official, most eligible Americans will receive their coronavirus aid payments no later than April 15.
Deposits are expected to continue to be deposited in the coming days, beginning with individuals who filed tax returns for 2018 or 2019 and who were authorized for direct deposit.
People who have not filed returns in 2018 or 2019, and those who do not have authorized direct deposits will have to wait a little longer to receive federal aid. This also applies to people who receive Social Security.
The distributions are part of the $ 2.2 billion financial aid package approved by Congress in March.
When will I get Stimulus Check?
Filer and Non-Filers who have not received stimulus check yet can visit IRS website and check status of their stimulus check. Visit https://www.irs.gov/coronavirus/economic-impact-payments
If you are one of the people who have not filed a tax return for 2019 or 2018, the IRS urges you to do so as soon as possible, even for those who normally do not need to file a tax return. That includes people who earned less than $ 12,200 in 2019 and couples who earned less than $ 24,400. For these people, the IRS established a new tool that can help them.
Meanwhile, paper checks will begin to be issued the week of May 4, according to the House Democratic memo. These will be distributed at a rate of approximately 5 million per week, says the memo. People with the lowest income, based on adjusted gross income, will receive their checks first.
Under the legislation, the IRS has until the end of 2020 to transfer payments.
Additionally, the IRS reported that it will launch a platform to verify the status of your check. Just click the link on the IRS page.
Who will receive Stimulus check?
In general, everyone, with the exception of non-resident aliens and dependent adults, including citizens and permanent residents, can receive the check. However, the approved measure excludes undocumented immigrants, who suffer from the treasury with a personal taxpayer identification number (ITIN). It also leaves out students over the age of 16 who depend on their parents.
Will the Stimulus check go to my bank account?
If the IRS has the information from your bank where your income tax returns have been received, your federal stimulus check will be deposited directly into your account. The House Ways and Means Committee document says the IRS will make about 60 million payments to Americans by direct deposit in mid-April, probably the week of April 13. The IRS has direct deposit information for these people on their 2018 or 2019 tax returns.
How will I receive Stimulus Check If I don’t have Direct depost?
People without direct deposit information may not receive checks until mid-August or later, according to a memo obtained by The Associated Press . According to the memo, starting the week of May 4, the IRS will begin issuing paper checks to people, the memo says. Paper checks will be issued at a rate of approximately $ 5 million per week, which means it could take up to 20 weeks to get all the checks out. That timeline would delay some checks until the week of August 17.
Can immigrants with green cards or people here with H-1B and H-2A visas receive corona stimulus payments?
If you don’t have a Social Security number, don’t. “Immigrant workers and families who pay taxes have been excluded from receiving a single dollar,” said Marielena Hincapié, executive director of the National Immigration Law Center, in a press release.
Do I have to pay the federal stimulus payment tax?
No. You do not have to pay any money tax, according to the House Ways and Means Committee Republican “Coronavirus Bulletin”.
I have no taxable income. What should I do?
You may submit “a simple form provided by the IRS specifically for the purpose of receiving the refund check. The IRS will soon provide additional information that will instruct people on how to submit the simple form that includes information such as their name, address, Social Security number, number of dependents, and direct deposit bank account information “on their website, according with a fact sheet from the Republican House Ways and Means Committee.