For millions of Americans out of work and struggling for cash, the government’s $2.2 trillion economic relief plan can’t come soon enough.
The first coronavirus-related stimulus checks have started hitting bank accounts, according to the House Ways and Means Committee.
But how can you know when will you get yours?
The IRS has launched an online tool — “Get My Payment” — that allows you to check your payment status and confirm your payment type: direct deposit or check. It’s currently active.
Users will enter their Social Security number or Individual Tax ID Number, along with their birth date, street address and ZIP code. The tool then tells you if and when the money was sent and to which bank account.
The first wave of payments is going out to those who have their bank account information on file with the IRS from previous years’ tax returns. If you have not provided your bank account, the online tool will allow you to add a direct deposit option.
For individuals with an adjusted gross income of $75,000 or less, it means $1,200. For married couples earning $150,000 or less, it means $2,400; for each qualifying child, it’s $500 more. For people earning more than those numbers, the payment drops until it hits $99,000 for individuals or $198,000 for married couples.
Around the week of May 4, the IRS will begin issuing paper checks. The Ways and Means Committee says it could take up to 20 weeks to get all the checks out. The checks will be issued in reverse adjusted gross income order, meaning the lowest-income filers get paid first.
