IRS begins to deposit coronavirus checks into bank accounts
Check your bank account — you might have already received your one-time coronavirus payment from the Internal Revenue Service.
The IRS started the direct deposits over the weekend, and Treasury Secretary Steve Mnuchin said you should be checking your accounts if the government has your banking information on file.
“We started processing those (payments) last Friday,” he said. “We expect that over 80-million hard-working Americans will get the direct-deposit by this Wednesday.”
Every adult earning up to $75,000 in adjusted gross income and who has a valid Social Security Number will receive $1,200 dollars. For couples, it will be $2,400 for those making less than $150,000. The more you make as a solo or a married couple, the less you will receive. If you file as a single and you make more than $99,000, you will not receive any money. The same holds for couples who make more than $198,000.
Secretary Mnuchin said the government is launching an app this week to help you track your payments.
“If you do not receive (payments) by Wednesday, we will be launching at IRS.gov, click on IRS.gov and go to ‘Get Your Payment,'” he said.
If you were sent the money, you will get written notice in 15 days telling you how much and how it was delivered.
For those who did not give the IRS their banking information, checks will have to be mailed out. They’re not expected to go out until May, but they might start going out late this month in some cases. It will likely take until August for all of the checks to be mailed.
Parents will also be getting payments of $500 for each child. This is for children below the age of 16. If you are still claiming an adult child or a student on your tax returns, you will not get a child credit. For example, our son Tommy just turned 18 and should be heading to college in the fall. We will not get a payment for him.
If you aren’t required to file taxes under normal circumstances and do not receive Social Security, you will still need to file an abbreviated return to get your payment.
And don’t forget, tomorrow isn’t Tax Day this year — April 15 is just another day. The filing deadline has been moved to July 15.