The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020, and includes a one-time cash payment of $1,200 to many Americans with Social Security numbers. With bills coming due, when can you expect your stimulus check?
Here is the info you have been waiting for:
Payments are scheduled to arrive via direct deposit by April 15 to all taxpayers who have filed 2018 or 2019 tax returns. If you the IRS has direct-deposit information, you are good to go.
Week of April 13, 2020: 60 million checks distributed through direct deposit
Week of May 4, 2020: The IRS will start sending paper stimulus checks.
Each week thereafter: Approximately 5 million paper checks will be issued each week.
Based on this tentative schedule, the memo says that some Americans may not receive their check until the week of August 17.
These dates are evolving and contradictory information keeps coming out from the US Treasury department.
Get more up to date info from the IRS here.
How much will I get:
Your adjusted gross income (AGI) will determine whether you qualify as not everyone will get money. You will need to have an AGI of less than $75,000 to receive the maximum amount of $1,200. The payment for individuals will be reduced by $5 for every $100 earned over $75,000. For parents, there is a $500 payment for each child under the age of 17.
For all those on Social Security retirement and disability, Stimulus payments of $1,200 will also go automatically whether or not they have filed a tax return in 2018 or 2019.
Taxpayers who have filed 2018 or 2019 tax returns and for whom the IRS has direct-deposit information should receive their payment via direct deposit. This calculator can help you determine how much you might receive in a stimulus check.
File your 2018 tax return now
If you haven’t filed your 2018 or 2019 file your 2018 taxes now to insure that you get your check as soon as possible.