First batch of stimulus checks deposited over Easter weekend
Over Easter weekend, The Internal Revenue Service announced that the first Economic Impact Payments, also known as coronavirus stimulus checks, were already being deposited into some taxpayers' bank accounts.
#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today. We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can. For #COVIDreliefIRS updates see: https://t.co/hEEWmgHA9V pic.twitter.com/2bSHOTjMAS— IRS (@IRSnews) April 11, 2020
The $1,200 deposit was likely a surprise to those who received it a few days earlier than expected and the IRS says it will continue to roll out millions of additional checks over the next three weeks.
The first stimulus recipients are those who filed tax returns in 2018 or 2019 and received funds through direct deposit.
People who didn’t file taxes, are very low income or are older and don't need to file will have to wait for their money. Any paper checks should go out starting early May.
Elise Gould, a senior economist with the Economic Policy Institute, said some might not see the money until mid-summer.
“There’s going to have to be a way to collect their information, and that process could take a couple months,” Gould said.
The IRS is creating a web portal where users can check the status of their stimulus payments. It will launch this week.
To help everyone check the status of their Economic Impact Payment, #IRS is launching a tool that will provide the status of a payment, including the date it’s scheduled to be deposited or mailed. https://t.co/dwDsBkf1Xr #COVIDreliefIRS pic.twitter.com/a8eGJlx7ba— IRS (@IRSnews) April 13, 2020
The site will also allow user to enter their bank account information if the IRS doesn’t already have it from a 2018 or 2019 refund.
The IRS expects this to launch this tool by Friday, April 17.
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