Stimulus payments from IRS start next week

People with direct deposit will get theirs first

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(Gray News) - Some stimulus payments from the coronavirus relief package will start going out next week, the Internal Revenue Service said Friday.

The first funds will go to people who have filed tax returns either of the last two years and have authorized direct deposit.

(Source: IRS)

The first round payments will automatically go out to qualifying taxpayers.

People on Social Security will also get their direct deposit payments automatically.

Everyone else

Others will likely have to wait for weeks or even months before they see their money. This includes people who haven’t filed returns, authorized direct deposits, or received Social Security.

Some will have to first file a tax return or register online in order to receive their payments.

In addition, the IRS launched a new tool on Friday to help low-income people who aren't normally required to file returns.

At the website portal, they can enter some basic information so that they can receive the stimulus money.

They'll have to provide their Social Security number, name, address, and how many dependents they have. If they want to receive a direct deposit, they’ll need to provide their bank account information.

How much will you get?

Anyone earning up to $75,000 in adjusted gross income and who has a Social Security number will receive a $1,200 payment. That means married couples filing joint returns will receive the full payment — $2,400 — if their adjusted gross income, which what you report on your taxes, is under $150,000.

The payment steadily declines for those who make more. Those earning more than $99,000, or $198,000 for joint filers, are not eligible. For heads of household with one child, the benefit starts to decline at $112,500 and falls to zero at $146,500.

Parents will also receive $500 for each qualifying child.

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