Washington, D.C. (AP) — The federal government expects to begin making direct deposit payments to millions of Americans under the new stimulus law in mid-April. However, some people expecting checks by mail may not receive theirs for several weeks.
A document from the House Ways and Means Committee that has been circulating around says the IRS will make about 60 million payments through direct deposit the week of April 13. This will be based worker 2018 or 2019 tax returns.
Paper check are expected to be released the week of May 4. The paper checks will be issued at a rate of about five million per week for some taxpayers. According to the document, the Committee should remain focused on ensuring all eligible Americans receive their payment as quickly as possible.
In Thursday’s White House task force briefing, Treasury Secretary Steven Mnuchin assured Americans that the stimulus money “would be received in weeks, and not months.”
The payments are part of the $2.2 trillion rescue package signed into law last week by President Donald Trump aimed at combating the economic ravages of the coronavirus outbreak. Social Security recipients are not required to file a tax return to receive their government stimulus check. The Treasury Department announced yesterday that the IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate the $1,200 checks to Social Security recipients who did not file tax returns in 2018 or 2019. People with the lowest income will get payments first.
The filers will need to receive a paper check unless their direct deposit information can be updated in the IRS portal. Non-filers may need to file the simple tax return and likely include direct deposit information if they want to receive their rebates quickly. The IRS is encouraging taxpayers to file their 2019 returns as soon as possible, if they have not already done so.
Anyone earning up to $75,000 in adjusted gross income and who has a Social Security number will receive a $1,200 payment. Married couples filing joint returns will receive the full payment of $2,400 if their adjusted gross income is under $150,000. Payments will steadily decline for those who make more. For those earning more than $99,000 are not eligible. Parents will receive $500 per each qualifying child.