Americans will start receiving their economic impact checks within the next few weeks. Most people don't need to do anything to get the money. The IRS will calculate and automatically send the economic impact payment to those who are eligible. However, some people who don't typically file returns - including senior citizens and low-income people who might not traditionally file tax returns are urged to file taxes. The payments are part of the $2.2 trillion rescue package signed into law last week by President Trump. There are conflicting reports on when the money will be sent. According to CBS, The Treasury said between 50 million to 70 million Americans will receive the payments through direct deposit by April 15.
Treasury Secretary Steven Mnuchin told the New York Times most people will receive the payments through direct deposit by April 15.
According to the Washington Post, per IRS documents, Americans with the lowest income will receive their checks first.
- Taxpayers with income up to $10,000: April 24
- Taxpayers with income up to $20,000: May 1
- Taxpayers with income up to $40,000: May 15
Every American 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. Parents will receive $500 for each qualifying child.