Stimulus Payments Expected To Begin In Coming Weeks

Payments will be distributed automatically, with no action required for most people.

(Washington, D.C.) - Stimulus payments are expected to begin within the next three weeks.

The Treasury Department and the Internal Revenue Service (IRS) announced Monday that distribution of economic impact payments will begin in the next three weeks.

Payments will be distributed automatically, with no action required for most people. One of the main exceptions is some seniors who typically do not file returns. If you fall into that category, individuals will need to submit a simple tax return to receive a stimulus payment. That can be done at www.IRS.gov/coronavirus.

President Trump signed off on the $2 trillion stimulus package last week.  Key elements of the package include sending checks directly to individuals and families, a major expansion of unemployment benefits, money for hard-hit hospitals and health care providers, financial assistance for small businesses and $500 billion in loans for distressed companies.

Eligible taxpayers who filed tax returns for either 2018 or 2019 will automatically receive a payment of up to $1,200 for individuals or $2,400 for married couples. Parents receive an additional $500 for each qualifying child.

Those with an adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples should receive full payment. Individuals and married couples with incomes above those amounts will have their payments reduced by $5 for every $100 above the thresholds.

It should be noted that individuals or couples who have not submitted a tax filing for 2018 or 2019 can still receive an economic impact payment. Those individuals are urged to file as soon as possible so they can receive payment.

Economic impact payments will be made available throughout the rest of the year for those who haven’t filed a tax return and are concerned about visiting a tax professional in person.

For more information on the stimulus, visit www.IRS.gov/coronavirus.