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Stimulus checks to start arriving in three weeks

1 month 3 weeks 1 day ago Thursday, April 02 2020 Apr 2, 2020 April 02, 2020 6:50 PM April 02, 2020 in News
Source: WBRZ

BATON ROUGE - The Treasury Department and the Internal Revenue Service says that the distribution of economic impact payments will start in the next three weeks and will be distributed automatically. 

Most people will not be required to do anything, but some taxpayers who typically do not file returns will need to submit a simple tax return to receive the payment.

The economic impact payments will be directly deposited to your bank account you've previously filed a tax return with. It'll first be based on your 2019 tax return, but if you haven't filed yet the IRS will use the information from your 2018 return. The amount you receive is based on your income and if you have children under the age of 17 years old.

If you're single and making $75,000 or less you'll receive $1,200. Married couples who filed their taxes jointly and made a combined income of $150,000 or less will receive $2,400. 

Adults with children under the age of 17 years old will receive $500 for each child. The payment is reduced by $5 for each $100 above the threshold amounts. Single filers making more than $99,000 and $198,000 for joint filers with no children are not eligible.

Social security recipients who do not normally file a tax return do not have to take any action.

"If you are on social security the treasury announced some great news, you no longer have to apply," Congressman Garret Graves said. "If you are a senior citizen on social security, they are just going to deposit your check or send it to you just as you would your current social security benefits."

Most people won't have to do a thing. But if the IRS doesn't have your correct direct deposit information, it'll have to be updated. A website to do so is currently being configured by the IRS. For more information, visit IRS.gov.

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