IRS Economic impact payments: What you need to know
The Treasury Department is working on a web-based portal (www.irs.gov) that will allow individuals to submit direct deposit details in order to “receive payments immediately as opposed to checks in the mail.” Treasury Secretary Steven Mnuchin said Friday that people can expect to receive their checks in three weeks – April 17 is when the direct deposits will go into people’s accounts. A check in the mail could take longer.
Payments will be $1,200 for singles with adjusted gross incomes of up to $75,000.
Payments will be $1,200 for married couples with adjusted gross incomes of up to $150,000.
Plus $500 per child.
The phase-out rate is $5 for every $100 above the threshold. The benefit phases out entirely for those earning more than $99,000 ($146,500 for heads of household with one child and $198,000 for joint filers without children).
For people who are not required to file returns, the IRS will also provide guidance as to how they can get their information submitted – including their direct deposit details.
If you have not yet filed your return for 2019, the IRS will use your information from 2018.
If you have not filed in 2018 or 2019, the IRS urges you to do so as soon as possible to receive a payment.
The relief is intended to assist Americans until the economy is up and running again.