SAN FRANCISCO (KRON) – The IRS said it plans to send electronic payments to Americans in response to the coronavirus pandemic as early as late next week, the Washington Post reports.
According to the Post, $30 million in paper checks won’t start being sent out until April 24 and some of those checks won’t reach people until September, according to an internal document.
Officials said how fast you get your money will depend mostly on how you file your taxes.
While electronic payments will be distributed quickly, the IRS must print paper checks and mail them separately.
Those who have signed up for direct deposits will receive money within two weeks.
According to the Post, here’s the timeline of checks and projected distribution:
- If you earned $20,000 or less: May 1
- If you earned $30,000 or less: May 8
- If you earned $40,000 or less: May 15
The above timeline continues in income increments of $10,000 each week, according to the plan.
Joint taxpayers earning the maximum $200,000 allowed under the stimulus would be issued checks on Sept. 4 and all others would be sent on Sept. 11.
According to the payment schedule reviewed by the Post, the plan is to generate electronic checks on April 9 and have them deposited by April 14 at the latest.
Anyone earning up to $75,000 in adjusted gross income and who has a Social Security number will receive a $1,200 payment. That means married couples filing joint returns will receive the full payment — $2,400 — if their adjusted gross income, which what you report on your taxes, is under $150,000.
The payment steadily declines for those who make more. Those earning more than $99,000, or $198,000 for joint filers, are not eligible. The thresholds are slightly different for those who file as a head of household.
Parents will also receive $500 for each qualifying child.
Social Security beneficiaries won’t have to take any extra steps to receive the one-time stimulus checks under the coronavirus recovery program.
In a statement late Wednesday, Treasury Secretary Steven Mnuchin said Social Security recipients who are usually not required to file a tax return need to take no action and will receive their payment directly to their bank account.
The IRS said it is setting up a web-based portal at IRS.gov/coronavirus to provide more information on how to file a 2019 tax return and receive a payment.
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