NBC News – Americans are starting to receive their cash payments via direct deposits, part of the $2 trillion bill passed by Congress to stimulate the economy after the decline caused by the pandemic.
“#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today. We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can,” the IRS tweeted on Saturday.
#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today. We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can. For #COVIDreliefIRS updates see: https://t.co/hEEWmgHA9V pic.twitter.com/2bSHOTjMAS— IRS (@IRSnews) April 11, 2020
Numerous Twitter users also posted on Saturday that they had received a deposit.
For those who do not have direct deposit information registered with the IRS, it could take months for checks to be mailed. The IRS is expected to roll out an online tool to help those that have not registered direct deposit do so.
The coronavirus payment is based on federal tax returns for 2019 or 2018, but the IRS is directing people who do not normally file taxes to an online tool to make sure they are included. That excludes Social Security recipients and railroad retirees, according to the IRS.
Americans who made less than $75,000 in 2019 will be eligible for the full payment of $1,200. Couples who filed jointly and made less than $150,000 will get $2,400. An individual who filed as “head of household” and earned $112,500 or less gets $1,200.