WASHINGTON, D.C – Most Americans will soon receive $1,200 Covid 19 stimulus checks for each adult and $500 per child deposited from the Internal Revenue Service that will be distributed automatically, with no action required.
Treasury Secretary Steven Mnunchin announced during a White House press conference on Thursday that the first round of stimulus payments would go out in two weeks to people who have already provided the IRS with their direct deposit information on their 2019 or 2018 tax returns.
For those who received a tax refund direct deposited for the 2018 or 2019 tax years (about 60 million people), you can expect a Covid 19 stimulus check deposit date between April 17 and April 24, 2020.
Stimulus payments will be issued starting with those with the lowest Adjusted Gross Income then proceed upward.
Social Security recipients will receive their economic impact payments automatically without the need to file a tax return. Those stimulus check deposits will occur the week after the IRS distributes payments to tax filers (around the last week of April or the first week of May).
Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment.
Taxpayers should include direct deposit banking information on the return.
The vast majority of people do not need to take any action. The IRS will calculate and automatically send the stimulus payment to those eligible.
For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount.
For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment.
The economic impact payment will be deposited directly into the same banking account reflected on the return filed.
In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.
Yes. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment.
Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.
IRS.gov/coronavirus will soon provide information instructing people in these groups on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents and direct deposit bank account information.
For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.