IRS begins depositing stimulus checks – By The Week Staff (The Week) / April 12 2020
The Internal Revenue Service on Saturday announced it sent out the first wave of stimulus checks to Americans amid the novel COVID-19 coronavirus pandemic. Deposits will continue throughout the week, beginning with people who filed tax returns in 2018 and 2019 and authorized direct deposit. The IRS is encouraging those who haven’t filed to do so, so they can get their money sooner. Under the congressional relief package, individuals with adjusted gross incomes under $75,000 will receive $1,200, and couples will get $2,400 plus $500 per child. After the $75,000 threshold, the amount received will be reduced by $5 for every additional $100 in gross income, eventually halting at $99,000. The limits are doubled for couples.
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