IRS sends out the first round of coronavirus stimulus checks and vows to get them to Americans as ‘fast as we can’

THE Internal Revenue Service sent out the first round of stimulus checks to Americans on Saturday. The first wave of coronavirus relief money has been deposited into taxpayers’ bank accounts, the IRS announced on Twitter. “#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today,” the agency wrote. “We know many people are […]

THE Internal Revenue Service sent out the first round of stimulus checks to Americans on Saturday.

The first wave of coronavirus relief money has been deposited into taxpayers’ bank accounts, the IRS announced on Twitter.

Getty Images - Getty

The first wave of coronavirus stimulus checks have been deposited, the IRS said Saturday[/caption]

“#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today,” the agency wrote.

“We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can.”

The deposits will continue in the coming days, starting with people who already filed their 2018 or 2019 tax returns and have authorized direct deposit.

Others – including those who haven’t filed tax returns, authorized direct deposits, or receive Social Security – will likely have to wait weeks or even months before receiving their money.

The checks are part of the $2.2 trillion economic relief package passed by Congress last month.

Under the CARES Act, individuals will receive up to $1,200, while  couples will get up to $2,400, plus an extra $500 per child.

Bing Guan

Individuals earning less than $75,000 will receive up to $1,200 under the $2.2T economic relief bill[/caption]

AP:Associated Press

President Donald Trump signed the CARES Act into law on March 27[/caption]

AP:Associated Press

The IRS is urging people to file their 2019 or 2018 returns as soon as possible, even if you previously didn’t have to[/caption]

But payments begin phasing out for single people who earn more than $75,000 annually, with the amount reduced by $5 for every additional $100 of gross income, according to CNN.

Those earning more than $99,000 won’t receive anything, and income requirements are doubled for couples.

The IRS is urging those who haven’t filed their 2019 or 2018 taxes to do so as soon as possible, including people who normally don’t need to.

Meanwhile, the agency will begin issuing paper checks the week of May 4, according to a House Democratic memo obtained by CNN.

Rex Features

Families with children will receive up to $2,400, plus an extra $500 per kid[/caption]

Reuters

The IRS said it will begin sending out paper checks the week of May 4[/caption]

About five million paper checks will be sent out each week, and individuals with the lowest adjusted gross income with receive their money first, the memo said.

However, this means that millions of Americans could spend months waiting for aid.

The Trump administration told lawmakers earlier this month it could take 20 weeks for all the checks to be mailed.

AFP or licensors

The Trump administration told lawmakers in early April it could take 20 weeks for all checks to be mailed[/caption]

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