IRS begins sending Americans federal coronavirus-relief payments

PHILADELPHIA (KYW Newsradio) — The U.S. Treasury Department says 80 million Americans are getting stimulus payments this week. 

The first round is going to those who filed a tax return this year or last and gave the IRS their bank account number and routing number for direct deposit. People who collect Social Security payments will get the money as well. 

Those who didn’t give the IRS their bank information will get a paper check in the mail, which could weeks or months. The Treasury Department says the majority of people who are eligible will get their money within two weeks.

To help speed up the process, the IRS has added a "get my payment" tool on its website, where people can check the status of their payment or enter their direct deposit information.

The payments are based on adjusted gross income from this year's or last year’s tax return.

It’s a maximum $1,200 for single filers who make up to $75,000. Couples or joint filers making $150,000 or less are getting $2,400 — plus $500 per child.

People who make $99,000 and up, and married couples making $198,000, will not get a payment.

The money isn’t taxed. And, according to the Tax Foundation, it will not affect anyone's tax return next year. This is an additional tax credit that is being paid out now because of the coronavirus crisis.