With millions of Americans eagerly awaiting their federal stimulus checks to help them weather the the coronavirus recession, people will soon be able to find out when they can expect to get their money after the government on Wednesday launches a tracking tool called "Get My Payment."
The first batch of stimulus checks — or "economic impact payments," as they are officially known — started hitting iconsumers' bank accounts on Saturday, the Internal Revenue Service has said. But millions of people remain unsure of when the payments will arrive because this depends on whether the IRS has your direct-deposit information and your income level. Consumers can also update their mailing addresses if they've moved since they last filed their tax returns.
The "Get My Payment" service will go live at IRS.gov on April 15, U.S. Treasury Secretary Steven Mnuchin said in a press briefing late Monday. It will let consumers check their payment status, confirm whether they prefer direct deposit or a paper check and enter their bank account information for direct deposit if the IRS doesn't have it yet.
"We expect over 80 million hard-working Americans will get the direct deposit by this Wednesday," Mnuchin said.
While a section labeled "Get Your Payment" is already visible on the IRS.gov website, the link isn't live yet. The tax agency says it will become active in "mid-April."
How much you'll getAdults with income below $75,000 are due to receive $1,200 each, while married couples earning less than $150,000 will receive $2,400.
Roughly 9 in 10 American households will get a stimulus check, which is to help people stay afloat financially during the economic downturn caused by the pandemic. But certain factors could affect how much you get, as well as how fast you receive payment.
For one, single Americans who earn over $75,000 or married couples who earn above $150,000 will see their payments decline by $5 for every $100 over those amounts, until the payments phase out entirely at $99,000 and $198,000 for singles and couples, respectively.
Families with children under 17 years old will receive $500 per child — a calculation that leaves out many high school seniors. And adults who can be claimed as dependents, such as many college students, also won't receive a stimulus check. Nonresident aliens, or those without a green card, are also excluded from the payments.