Coronavirus stimulus cash: Don’t wait for your check in the mail
The IRS released new guidance that includes a way to potentially get your money faster
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As the IRS works to deliver stimulus checks to American households, it will allow taxpayers who have not already done so to provide their direct deposit information in order to get the money faster.
The Treasury Department is working on a web-based portal 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 on Thursday that people can expect to receive their checks in two weeks – which is when the direct deposits will go into people’s accounts.It is believed that a check in the mail could take a bit longer.
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For people who are not required to file returns, the agency will also provide guidance as to how they can get their information submitted – including their direct deposit details.
Payments will be $1,200 per adult for those with adjusted gross incomes of up to $75,000. The threshold for married couples is $150,000 – they are eligible for $2,400 and $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).
If you have not yet filed your return for 2019, the agency will use your information from 2018. If you have not filed for either year, the IRS urges you to do so as soon as possible to receive a payment.
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The relief is intended to hold Americans over until the U.S. economy is up and running again – the federal government and state governments have made the decision to shut down many businesses in an attempt to limit human-to-human contact. As a result, many people have either found themselves without a job or with reduced hours.
More details on the payments can be found here.
You can also visit the IRS' website.
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