The IRS is sending out millions of stimulus checks in the wake of the economic fallout caused by the coronavirus.
According to a senior Treasury official, the majority of eligible Americans will receive their coronavirus aid payments no later than April 15. In fact, payments have already hit some people's accounts as of Friday evening, FOX News reported.
For the majority of Americans, individuals will get $1,200 and married couples will get $2,400. Adults will also get $500 for each child who qualifies.
Most taxpayers who filed federal income tax returns in 2018 and 2019, most seniors and retirees will not need to do anything to get their economic impact payments. The money will either be direct deposited into the person’s bank account or a paper check will be issued, depending on how a person normally gets their benefits or how they received their 2018 tax refund.
The IRS has set-up an online registration tool for people who do not need to file tax returns. The application is called “Non-Filers: Enter Your Payment Info Here” and can be found on the IRS website.
People should only fill out this application if they did not file a 2018 or 2019 federal income tax return for the following reasons:
No income to report
Individual gross income was under $12,200
Married gross income under $24,400
Not required to file a 2018 or 2019 federal income tax return for other reason
Do not use the application if you receive:
Social Security retirement, disability (SSDI), or survivor benefits
Railroad Retirement and Survivor Benefits
People in the aforementioned groups who have qualifying children under 17 years-old can use the application to claim the $500 payment per child.
PHILADELPHIA - MAY 8: Economic stimulus checks are prepared for printing at the Philadelphia Financial Center May 8, 2008 in Philadelphia, Pennsylvania. One hundred and thirty million households are eligible to receive a tax rebate check under the $1
Later this month, the IRS is expected to launch the “Get My Payment” tool so people can check the status of their stimulus payment. People will also be able to see if the payment will be a direct deposit or a check. People will also be able to enter their bank account information for direct deposit if the IRS does not have their direct deposit information on file and the payment has not been mailed out.
Taxpayers will not have to pay the stimulus money back and it will not be taxed as income. The money will show as a credit on your 2020 tax return.