IRS says first wave of coronavirus stimulus payments have been deposited

Coronavirus

PHILADELPHIA – FEBRUARY 11: Blank Social Security checks are run through a printer at the U.S. Treasury printing facility February 11, 2005 in Philadelphia, Pennsylvania. As U.S. President George W. Bush travels the country to stump for his plan to change the Social Security system, opposition continues from some members of Congress and senior citizen groups concerned that the proposal would erode guarantees to the federal retirement program. (Photo by William Thomas Cain/Getty Images)

(CBS) — The first batch of stimulus payments promised to American taxpayers amid the coronavirus pandemic were direct deposited on Saturday, the Internal Revenue Service said.

“We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can,” the agency tweeted Saturday evening.

Direct deposits will continue to be issued in the next couple of days to taxpayers, starting with those who filed taxes for 2018 and 2019. This includes Social Security beneficiaries who filed federal tax returns that included direct deposit information.

Individuals with disabilities, low-income workers and certain veterans who aren’t typically required to file a tax return are still eligible for the Economic Impact Payments. The Treasury Department and the Internal Revenue Service announced it launched a new web tool allowing quick registration for Economic Impact Payments for those individuals.

But The Associated Press reported that some people without direct deposit information may not receive their checks until mid-August. 

The agency also said it would launch a tracking tool called “Get My Payment” by April 17 to give Americans an idea on when to expect a deposit or a check in the mail.

The cash transfers are a key part of the U.S. government’s $2.2 trillion economic relief package passed in March in response to the coronavirus pandemic.

Under the economic relief package, individual taxpayers will get $1,200 each if their adjusted gross income (AGI) is less than $75,000. However, those bringing in more than $75,000 will receive less depending on their total AGI.

Married couples will receive $2,400 if they earn less than $150,000 in adjusted gross income. Taxpayers will also receive $500 for each of their children, regardless of how high their income is.   

Individuals who earn more than $99,000 are phased out completely from the stimulus plan. Married couples earning more than $198,000 (and no kids as dependents) also aren’t eligible for payments.

Workers in the U.S. without a green card don’t qualify, according to the bill.

First published on April 12, 2020 / 8:23 PM

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