The IRS Has Started Sending Out Stimulus Checks: Here’s What We Know

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Americans are waiting patiently as Treasury Secretary Steven Mnuchin announced back on April 2nd, 2020 that many Americans will be receiving a Stimulus Check from the Government. The stimulus checks are dedicated to Americans who have been financially impacted due to the coronavirus outbreak.

Well the wait is over as the IRS announced that the first round of Economic Impact payments have been delivered.

According to the press release made by the House Committee on Ways and Means, “The IRS will make about 60 million payments to Americans through direct deposit in mid-April (likely, the week of April 13th). The IRS has direct deposit information for these individuals from their 2018 or 2019 tax returns. This will include SSA beneficiaries who filed federal tax returns that included direct deposit information

In addition, they stated that the second round of payments will be made 3 weeks from when the first round of payments were made, pushing back to the week of May 4th. The checks will be issued starting with the people with the lowest income first.

The good news is that if you filed your taxes for 2018 or 2019 via direct deposit, the IRS announced that you will automatically receive your stimulus check of $1,200. The check will be directly deposited into your bank account associated with your tax refund. Payments will only be received by to individuals who make under $75,000 in adjusted gross income, $112,500 as heads of household and married couples who make under $150,000. Parent with children will receive $500 additional funds per child.

To find out your Economic Impact (Stimulus) payment status, confirm your payment type: direct deposit or check, and enter your bank account information for direct deposit head over to https://www.irs.gov/coronavirus/economic-impact-payments .