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IRS Deposits First Stimulus Checks into Americans' Bank Accounts
The first of the Economic Impact Payments promised to American taxpayers were direct deposited on Saturday, the IRS announced. The agency promised more payments would come "very soon."
"We know many people are anxious to get their payments; we'll continue issuing them as fast as we can," according to a statement on Twitter.
"Anxious" likely doesn't begin to cover it for the estimated 17 million Americans who filed for unemployment benefits over the past month. Here are some of the FAQs about the stimulus package;
1: What do I have to do to receive my rebate?
For most Americans, nothing. The IRS will use bank account information from tax filings to direct deposit stimulus checks. If you need to update your information, you should be able to do so with the "Get My Payment" web application.
2. How does the government determine how much I’ll get?
The government will base the amount you receive on the adjusted gross income, or your income minus certain deductions, that you reported on your most recent taxes. If you haven’t filed your 2019 taxes yet, they’ll look at what you reported for 2018.
Individuals who earn up to $75,000 a year will be eligible for a one-time maximum relief payment of $1,200. If your salary is more than $75,000 but less than $99,000, you’re eligible for a reduced payment. The government will base the amount you receive on a sliding scale, with the amount falling by $5 for every $100 in income above $75,000.
3. Does the amount change if I’m married?
If you’re married and filing jointly, you’re eligible for a $2,400 check, as long as your adjusted gross income is less than $150,000 a year. If you and your partner earn more than $150,000 but less than $198,000, you’re still eligible for a reduced payment based on the same sliding scale, which subtracts $5 for every $100 in income you earn over that $150,000 threshold.
4. If I’m a parent, do I get more money?
If you’re a parent, you may also receive up to an additional $500 per child, no matter your filing status. To qualify, your child must meet the same eligibility guidelines for the child tax credit.
If you’re a single parent, which usually means you file your taxes as a “head of household,” you’re eligible for the full $1,200 check, as long as you earn less than $112,500 a year. If you make more than $112,500 but less than $136,500, your check will be reduced using the same sliding scale.
5. Do I qualify if I don’t have an income?
If you’re retired or if you’re disabled, you’re still eligible to receive that $1,200 check, as long as your Social Security benefit income doesn’t exceed the individual limit.
Here’s how you’ll get paid
If you set up direct deposit with the IRS, the government will send your relief payment to the bank account they have on file, meaning you should receive the funds more quickly.
If you don’t have direct deposit set up, your check will be sent to you in the mail.