IRS: Taxpayers began receiving coronavirus stimulus payments this weekend
DETROIT – The IRS tweeted Saturday that payments to qualifying Americans with direct deposit accounts set up had begun to receive their coronavirus relief payment. RELATED: Financial expert helps you manager your money during the coronavirus (COVID-19) crisisThose who don’t have direct deposit information registered with the IRS could wait months for checks to be mailed. The IRS is expected to roll out an online tool to help those that have not registered direct deposit do so. #IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today. For #COVIDreliefIRS updates see: https://t.co/hEEWmgHA9V pic.twitter.com/2bSHOTjMAS — IRS (@IRSnews) April 11, 2020The CARES Act that authorized the direct payments only approved a one-time deposit, but additional legislation could be passed in the future.
Here’s the expected timeline for direct stimulus payments to Americans amid coronavirus
DETROIT – Michigan Congresswoman Debbie Dingell released the expected timeline for direct stimulus payments made to Americans amid the coronavirus pandemic. The estimates are that nearly 99 percent of Social Security beneficiaries who do not file a return receive their benefits through direct deposit. The economic impact payment will be deposited directly into the same banking account reflected on the return filed. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. How long are the economic impact payments available?
IRS releases new info on stimulus checks: What to know
However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment. Who is eligible for the economic impact payment? The IRS will calculate and automatically send the economic impact payment to those eligible. The economic impact payment will be deposited directly into the same banking account reflected on the return filed. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment.