The IRS is sending out millions of stimulus checks in the wake of the economic fallout caused by the COVID-19 coronavirus.
According to a senior Treasury official, the majority of Americans eligible for direct deposit will receive their coronavirus aid payments no later than April 15. In fact, payments have already hit some people's accounts as of Friday evening, FOX News reported.
For the majority of Americans, individuals will get $1,200 and married couples will get $2,400. Adults will also get $500 for each child who qualifies.
April 9: IRS generated payment files.
April 10: IRS sends payment file to the Bureau of Fiscal Service (BFS) and BFS began processing payments and sending them to individual banks.
April 13-16: First payments should be deposited directly into individual’s bank accounts; the precise date you will see payments in your account depends on how long individual banks typically take to process direct deposits. This process will repeat every week until all economic impact payments (EIPs) are processed.
Week of April 20: First paper checks to be mailed
WHO GETS IT FIRST:
People with lowest income come first. According to Rep. Ross Spano, the checks will be issued in reverse “adjusted gross income” order, starting with people with the lowest income.
HOW TO FILE:
Most taxpayers who filed federal income tax returns in 2018 and 2019, along with most seniors and retirees who get Social Security retirement or disability, will not need to do anything to get their economic impact payments. The money will either be direct deposited into the person’s bank account or a paper check will be issued, depending on how a person normally gets their benefits or how they received their 2018 tax refund.
The IRS has set-up an online registration tool for people who do not need to file tax returns. The application is called “Non-Filers: Enter Your Payment Info Here” and can be found on the IRS website.
People should only fill out this application if they did not file a 2018 or 2019 federal income tax return for the following reasons:
- No income to report
- Individual gross income was under $12,200
- Married gross income under $24,400
- Not required to file a 2018 or 2019 federal income tax return for other reason
Do NOT use the application if you receive:
- Social Security retirement, disability (SSDI), or survivor benefits
- Railroad Retirement and Survivor Benefits
People in the aforementioned groups who have qualifying children under 17 years old can use the application to claim the $500 payment per child.
PHILADELPHIA - MAY 8: Economic stimulus checks are prepared for printing at the Philadelphia Financial Center May 8, 2008 in Philadelphia, Pennsylvania. One hundred and thirty million households are eligible to receive a tax rebate check under the $1
Later this month, the IRS is expected to launch the “Get My Payment” tool so people can check the status of their stimulus payment. People will also be able to see if the payment will be a direct deposit or a check.
People will also be able to use that website to enter their bank account information for direct deposit if the IRS does not have their direct deposit information on file and the payment has not been mailed out.
Taxpayers will not have to pay the stimulus money back and it will not be taxed as income. The money will show as a credit on your 2020 tax return.
If you feel sick:
The Florida Department of Health has opened a COVID-19 Call Center at 1-866-779-6121. Agents will answer questions around the clock. Questions may also be emailed to email@example.com. Email responses will be sent during call center hours.
CORONAVIRUS IN FLORIDA: What you need to know
AROUND THE WORLD: CoronavirusNOW.com
Map of known COVID-19 cases:
MOBILE APP USERS: Click here for map