Stimulus Checks are on the way! The hard work of many Americans has earned them a much-needed deposit during this unusual pandemic. The first batch of checks has already been sent out.
Part of the government’s $2.2 Trillion stimulus bill involves an economic impact payment. These are automatic payments for taxpayers and the recipients have already been confirmed. There is no action needed for those devoted taxpayers that filed in the year 2019. If not, then the information from the 2018 taxes will be used.
For those who did not file due to their income being less than 12,200 ($24,400 for married couples) or were not allowed to file for federal reasons, are eligible to receive a payment. Folks that receive these Social Security retirement, disability (SSDI), or survivor benefits. Railroad Retirement and Survivor Benefits are certain to receive payment of $1,200. In addition to parents with children under the age of 17, will receive $500 for each child.
Even if there has been a change of address or bank accounts you will be able to submit your information online through IRS in order to receive payment. However, It may take four to six weeks for a change of address request to be fully processed. Payments for filers are already on the way. Soon those individuals will also be able to enter their deposit information through an online portal if they have not received their payments by mid-April. For more information on the economic impact payments, please visit https://www.irs.gov/coronavirus/economic-impact-payments.