Here is an Easter blessing for those who need one because of economic struggles related to the coronavirus shutdown:
The IRS reports that it deposited the first Economic Impact Payments into people’s bank accounts over the weekend. That’s the windfall from the $2.2 trillion CARES stimulus package to get Americans through business shutdowns and stay-at-home directives that nobody knows when will end.
Those payments — $1,200 per person who made $75,000 or less in 2018 or 2019 (the amount’s slightly less up to $99,000, or $136,500 for head of household), $2,400 per couple making under $150,000 and $500 per child they claim as a dependent 16 years old or younger — will automatically be deposited into account taxpayers listed on tax returns to get refunds. If you didn’t list a direct deposit, the IRS is mailing checks, but it will take a few weeks longer.
So there’s only one thing you have to do to get your money: wait.
And that will get less tense as next week as the IRS will launch a tool this coming week that provides the status of a payment, including the date it’s scheduled to be deposited or mailed. Get details at the Economic Impact Payment information page, including information for those who didn’t file a tax return because their gross income was under $12,200 or weren’t required to file an income tax return for other reasons. The page includes a place to enter new direct deposit info so you don’t have to wait on a check.
Those who haven’t filed 2019 taxes have three extra months this year due to the COVID-19 shutdowns; the deadline to file returns and pay federal income taxes this year is July 15.
The IRS has posted a wealth of info on coronavirus tax relief at:
