The first batch of stimulus payments promised to American taxpayers amid the coronavirus pandemic were direct deposited on Saturday, the Internal Revenue Service said.
"We know many people are anxious to get their payments; we'll continue issuing them as fast as we can," the agency tweeted Saturday evening.
Direct deposits will continue to be issued in the next couple of days to taxpayers, starting with those who filed taxes for 2018 and 2019. This includes Social Security beneficiaries who filed federal tax returns that included direct deposit information.
Individuals with disabilities, low-income workers and certain veterans who aren't typically required to file a tax return, are still eligible for the Economic Impact Payments. The Treasury Department and the Internal Revenue Service announced it launched a new web tool allowing quick registration for Economic Impact Payments for those individuals.
But The Associated Press reported that some people without direct deposit information may not receive their checks until mid-August.
The agency also said it would launch a tracking tool called "Get My Payment" by April 17 to give Americans an idea on when to expect a deposit or a check in the mail.
The cash transfers are a key part of the U.S. government's $2.2 trillion economic relief package passed in March in response to the coronavirus pandemic.
Under the economic relief package, individual taxpayers will get $1,200 each if their adjusted gross income (AGI) is less than $75,000. Married couples will receive $2,400 if they earn less than $150,000 in adjusted gross income. However, those bringing in more than $75,000 won't receive the full amount. An individual who filed as "head of household" and earned $112,500 or less gets $1,200.
Taxpayers will get a $500 payment for each of their children, regardless of how high their income is.
High-income earners without children will not receive anything. For instance, individuals who earn more than $99,000 are phased out completely from the stimulus plan. Married couples earning more than $198,000 (and no kids as dependents) also aren't eligible for payments.
Workers in the U.S. without a green card don't qualify, according to the bill.
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April 13, 2020 at 08:21AM
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Stimulus checks: IRS deposits first wave of stimulus checks - CBS News
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