Millions of Americans are awaiting the arrival of their $1,200.00 stimulus check. However, with no additional resources like the IRS’s, where’s my refund tracker, many people are wondering when payments will hit their bank account.
Here’s is what is known as of today; the first economic payouts are expected to go to all eligible U.S. Taxpayers starting April 13. The one-time payments are part of the two trillion-dollar stimulus package the White House approved last month.
The payouts are intended to curve the economic fallout caused by the COVID-19 outbreak. Treasury Secretary Steven Mnuchin said the first stimulus payments will roll out within two weeks for those who have elected to have their IRS refund direct deposited.
If you haven’t signed up a direct deposit from previous year tax returns, the IRS will mail with your stimulus check to your registered address on file.
If you’d like to have your check deposited into your bank account, IRS has an online tool you can use to set up electronic payments.
To be eligible to receive a stimulus check, you need to have to file a tax return for 2018 or 2019. Senior citizens or Social Security recipients, who normally are not required to file their taxes, will not need to file one to receive the stimulus payout.
A single U.S. citizen who makes under $75,000 year is projected to receive an amount of $1,200, plus $500.00 per child. The amount will decrease as your adjusted gross income increases. If your AIG is $99,000 or more, you will not be eligible for the stimulus payout.
As of today, the IRS does not have a way for recipients to track the status of their payment, and it’s unclear if one will be created.