The first wave of the stimulus payments went out last Saturday, April 11. U.S. residents have started receiving a payment of $1,200 for individuals, $2,400 for couples, with an additional $500 per qualifying child. The payments are expected to continue over the next couple of days.
On Mar 25, the Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Just two days later, it was signed into law by President Trump.
The CARES Act is a 247-page bill that passed with bipartisan support. CARES allocates $500 billion for direct checks to Americans.
On Monday, April 13, the U.S. Treasury Department said more than 80 million Americans will receive payments this week.
Get Your Payment
By Friday, the IRS plans to launch an app called “Get My Payment” that will track stimulus payments. The app will enable users to check payment status, confirm if a direct deposit or a check payment was made, and allow users who don’t have direct deposit to set up a bank account to have the money deposited into. Find the “Get My Payment” link here.
How Much will you Get
To receive the full stimulus amount, U.S. residents would have needed to have an adjusted gross income between $75,000 a year or less for single filers. The head of the household income would have to be $112,500 or less. Married couples that filed jointly would’ve needed to have made $150,000 or less. This is estimated from taxpayers’ 2018 or 2019 returns.
U.S. residents that earned more than that amount may still receive a reduced amount. Five dollars will be subtracted for every additional $100 of adjusted gross income over the capped amounts.
Full Stimulus Amounts:
Single filers – $75,000/year or less
Head of Household – $112,500
Married couples that filed jointly – $150,000
Single Filers – $75,000 to $99,000
Head of Household – $112,500 to $136,500
Married couples that filed jointly – $150,000 to $198,000
The payments will be deposited directly into your bank account if you had direct deposit when you filed your last return. For those that had checks sent for their returns, a check will be issued and mailed to you. If you moved since your last tax filing, you’ll need to update your address to receive your payment. You can update your address here.
For people on Social Security or those who make little to no income, the IRS is using other methods to determine how to send payments. More information regarding people on SSI and SSDI, as well as those who don’t normally file a tax return, can be found here.
Most eligible U.S. taxpayers will automatically receive their payment. But payments are expected to arrive much later if you have don’t direct deposit set up. It’s advised that U.S. residents set up a bank account if they’re able to and if you are in need of the money immediately.
Stimulus payments are a one-time payment for now, but there may be a second wave of recovery relief in a future stimulus bill. “Our first bills were about addressing the emergency,” said House Speaker Nancy Pelosi on an April 3 conference call with MSNBC’s Andrea Mitchell. “The third bill was about mitigation. The fourth bill would be about recovery — emergency, mitigation, and recovery.”