Coronavirus stimulus money starts to arrive into bank accounts

IRS in your pocket

IRS in your pocket! Image Abdullah Coskun Anadolu Agency

On Saturday, the IRS confirmed in a tweet that it had issued the first round of stimulus payments to a group of Americans. And earlier today, the IRS unveiled a Web site where it is asking those non-filers to provide their bank account information for direct deposits.

The payments are part of the $2.2 trillion rescue package passed by Congress and then signed into law last month by President Donald Trump.

They will also be eligible for $500 for each dependent child under 17. This means the payment is less the higher their earnings are, with it being reduced to zero for individuals who make $99,000 or more and couples who make $198,000 or more.

Supplemental Security Income (SSI) recipients and those who receive veterans disability compensation, pension or survivor benefits from the Department of Veterans Affairs and who did not file a tax return for the 2018 or 2019 tax years. Many others are still waiting for their own stimulus checks to come in the mail, or for the IRS to set up the direct deposit portal. Using the tool to get a payment will not result in any taxes being owed.

The IRS said the tool was developed in partnership with the Free File Alliance.

According to social media posts, stimulus check deposits were initiated by the IRS but it appeared the money couldn't yet be accessed.

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USA citizens and resident aliens will receive the full one-time stimulus payout of $1,200 for individuals, who are making less than $75,000. Those without a child will receive payment automatically. The IRS will use the information to confirm eligibility and calculate and send an economic impact payment.

In the past, it has taken longer to send checks than make direct deposits.

Social Security beneficiaries will also receive their payments automatically.

US residents can receive the maximum stimulus payout of $1,200 payment for individual or head of household filers, and $2,400 for a married couple filing jointly if they are not a dependent of another taxpayer and have a work eligible Social Security number.

Citizens who filed their taxes in 2018 and/or 2019 and received a refund via direct deposit will be first to receive their payments, according to the report. Couples who filed jointly and made less than $150,000 will get $2,400.

It's important the remember people are still eligible to receive a stimulus check even if they haven't filed taxes. The payment will not be taxed.

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