$2 Trillion Stimulus Package: When Will I Receive My Money?

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According to the Internal Revenue Service and the Treasury Department of the United States of America, eligible US citizens have already been receiving their economic impact checks.

The IRS has also been requesting the people not to call the agency since the public does not need to take any actions to receive their checks.

Combating the Economic Impact of the COVID-19 Crisis

The payments are a portion of the $2.2 trillion stimulus package signed into law by the president of the United States, Donald Trump last week. The new law aims to fight the economic impact of the current pandemic.

Confusions

Even if the IRS had already announced that the public does not need to take any action to get their checks, some are still left confused. People who do not usually file tax returns, such as low-income earners and senior citizens, are some of those who are confused with the announcement of the IRS. The government requested for these groups of people to file taxes and later reverse the action for specific groups.

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The Arrival of the Payments

Recently, the IRS announced that it had already deposited the first batch of Economic Impact Payments into bank accounts. They also announced that it continues to issue the payments to the people as fast as they can.

One way to determine if you already received the payment is to check your bank account's balance. The IRS will be launching a new tool to assist taxpayers to track their stimulus checks.

A 'Get My Payment' option will be provided to the people with a date. It also offers an opportunity for the people to receive the payment through a deposit to the bank or through the mail. This option is expected to be available by April 17.

Checks Sent by Income Level

For people who do not have a direct deposit set up with the IRS, they are given the option to receive the payment through the mail. People with the lowest income will be the first ones to receive the checks.

For taxpayers with an income not exceeding $10,000, they will be receiving their checks on April 24. For those taxpayers who earn not more than $20,000, they will be getting their checks on May 1, while taxpayers who earn income not exceeding $40,000 will be receiving their checks on May 15.

Finally, the remaining checks will be released through gradually inclining income increments every week. The last group to receive their checks will be sent on September 11. These are the people who do not have any tax information on file but had applied to receive checks.

Who are Eligible to Receive the Economic Impact Checks?

All US citizen who earns a maximum of $75,000 (adjusted gross income) and those who possess a legal Social Security Number will be receiving a $1,200 payment from the government. A married couple who files joint returns will be earning $2,400 if the total adjusted gross income does not exceed $150,000.

For people who make more, the payment decreases. People who earn more than $99,000 or $198,000 for joint filers will not be given the cash grant from the government.

For the heads of each household with one child, the payment decreases at $112,500 and equates to zero at $146,500.

Every parent will be receiving $500 for every eligible child.