(The Center Square) – U.S. Treasury Secretary Steven Mnuchin said Monday that as many as 80 million Americans could begin seeing electronic stimulus money directly deposited into their bank accounts as early as Wednesday.
As part of the Coronavirus Aid, Relief, And Economic Security (CARES) Act passed by Congress and signed by President Donald Trump late last month, $250 billion was set aside in direct payments to Americans depending on their income to help stimulate the economy, which has been upended by stay-home orders and government restrictions on non-essential businesses.
Those who filed income taxes electronically for 2018 or 2019 and received direct deposit payments for refunds don’t have to do anything, the IRS says. The stimulus payments will be directly deposited in taxpayers’ bank accounts.
Social Security and Railroad Retirement recipients who don’t typically file a tax return also don’t need to action.
If the IRS doesn’t have your bank account information, or for those who didn’t file taxes in 2018 or 2019, information can be submitted here.
The IRS says it will mail a letter to the taxpayer’s last known address within 15 days after it makes the payment.
The CARES Act provides payments of $1,200 to each adult and $500 to each child younger than 17, depending on a household’s 2019 income. A married couple with children could receive up to $3,400.
The payments start to phase out for individuals with an income of $75,000 or more, or an income of $150,000 for couples filing jointly. Individuals making more than $99,000 or couples earning more than $198,000 would not be eligible.
Forbes created a stimulus check calculator for individuals and families to determine how much much they should receive.
Dan McCaleb is the executive editor of The Center Square. He welcomes your comments. Contact Dan at firstname.lastname@example.org.