Coronavirus Relief checks will be going out soon… and there is a method to how they will be sent.
Individuals could receive $1,200, married couples $2,400 and $500 per dependent child.
There are income thresholds to determine how much will be received.
A single filer is not eligible for the Relief check if they make over $99,000 according to IRS.gov.
Joint filers who make over $198,000 with no children are not eligible either.
According to a Forbes Magazine Article written by Zack Friedman, taxpayers with the lowest income, making $10,000 or less, could see paper stimulus checks as early as April 24th.
$10,001 - $20,000 May 1st,
$20,001 - $30,000 May 8th and
$30,001 - $40,000 May 15th (so on and so forth)
Checks/Direct Deposits will happen between May and September. After September 11th, checks will be sent to those who did not provide information to the IRS.
Checks will be sent out in order of lowest income to highest income based off of tax information for either 2018 or 2019.
Those who have already filed 2019 taxes, the IRS will use the that return to calculate payment.
For those who haven't filed 2019 taxes, the IRS will use 2018's tax return to determine the "Economic Impact Payment." Payments will be made via direct deposit into the same account number listed on the return filed.
Those who receive Social Security benefits will automatically receive a Coronavirus Relief check.
To read more about Impact Payments, visit www.IRS.gov.
Let us know what YOU plan to do with your Coronavirus Impact Payment
Email: stacie.bartro@entercom.com Subject Line: Impact Payment
