Might want to hit up your banking app; there could be a few extra bucks in your account. According to the Treasury Department, 80 million Americans should see that coronavirus stimulus check direct deposited this week.Speaking Monday, the Department also said they expect a "large majority of eligible Americans" to receive the payment within the next two weeks.Those who have already filed their 2019 and/or 2018 taxes plus have authorized direct deposit will get their money first, while those without direct deposit or haven't filed returns, or don't receive social security will get theirs later. Under the economic relief package, individuals are due up to $1,200 and couples will receive up to $2,400 — plus $500 per child. But payments start phasing out for individuals with adjusted gross incomes of more than $75,000. The amount will then be reduced by $5 for every additional $100 of adjusted gross income, and those making more than $99,000 will not receive anything. The income thresholds would be doubled for couples.
For those who haven’t filed a return for either 2019 or 2018, the IRS urges them to do so quickly including for those who don’t normally need to file a tax return. That includes individuals who earned less than $12,200 in 2019 and couples who earned less than $24,400.
Meanwhile, the IRS expects to start issuing paper checks the week of May 4, according to the House Democratic memo. You can make sure the IRS has your bank account information here https://www.irs.gov/coronavirus/economic-impact-payments