Better than the Easter Bunny: Stimulus checks expected to arrive earlier than expected for most Americans
Published 1:21 pm Thursday, April 9, 2020
The Internal Revenue Service might just be more popular than the Easter Bunny this year when stimulus money starts showing up in bank accounts next week.
Many Americans could begin receiving their coronavirus stimulus checks as soon as next week.
The IRS has sped up its process and it now aiming for “early next week” for direct deposit checks. The first checks could be deposited as early as Monday or Tuesday. Paper checks for those who do not have an address on file with the IRS will start going out April 20.
Information on changing direct deposit information will be coming by the end of next week, the IRS said.
The stimulus checks, designed to cushion the blow from job and income loss from the coronavirus pandemic, were originally set to start being deposited by April 15, though lawmakers had pushed for an expedited schedule.
The coronavirus stimulus provides $1,200 for individuals earning up to $75,000 and $2,400 for married couples filing jointly who earn up to $150,000. Recipients who earn more than those amounts will see their payments reduced by $5 for each $100 above the income threshold. Single filers who earn more than $99,000 and joint filers who earn more than $198,000 are not eligible. The stimulus also provides $500 for each qualifying child.
Amounts are based on 2019 or 2018 tax returns.