Check your bank account balance because the first of the checks aimed at helping Americans due to the COVID-19 pandemic were sent out Saturday.
The IRS wrote Saturday on Twitter, “#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today. We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can.”
The IRS tracking tool called “Get my payment,” will tell Americans when they can expect to receive the checks that are part of a $2.2 trillion bailout of the American economy. According to the IRS, the site is expected to be up and running by Friday, April 17.
The plan passed by Congress last month includes $1,200 checks to Americans who filed their income tax as “single” with an adjusted gross income below $75,000 and those who filed as “head of household” with an AGI of less than $112,500.
Married couples who filed taxes jointly and who made less than $150,000 will receive $2,400. In addition, the government will pay $500 per qualifying child.
Those who receive Social Security checks will also receive the payments as long as they fall under the income levels.
The money will be deposited directly into bank accounts if the IRS has the account information on file from previous years’ tax returns. If you did not file a tax return for 2018 or haven’t yet for 2019, non-filers can enter their payment info at irs.gov.
Individuals who were not required to file a tax return in the past two years may also submit their information at irs.gov.
There is some confusion over whether people who receive Supplemental Security Income (SSI) need to provide the IRS with information, but they can fill out the form as well to submit their direct deposit information.
The agency also plans to build an online portal for people who have filed taxes but may need to update their direct deposit information.
The IRS will begin issuing paper checks to individuals in May.