IRS says stimulus payments will begin next week

Irs Says Stimulus Payments Will Begin Next Week

(CNN) — The Internal Revenue Service said Friday that some stimulus payments will start going out next week, starting with people who have filed tax returns for 2018 or 2019 and authorized direct deposit.

The first round of direct-deposit payments will be made automatically to qualifying taxpayers.

Social Security beneficiaries will also receive their payments automatically. Those payments will go out “in the near future,” the IRS said Friday.

Here’s a link to the April 10 IRS release.

Stimulus check: How much can you expect?

The timeline keeps the first payments on the schedule promised by Treasury Secretary Steven Mnuchin, who said April 2 that the payments would begin going out within two weeks. He had earlier pushed for distributions, part of the $2.2 trillion economic relief package passed by Congress in March, to start as early as April 6.

Others — including people who haven’t filed returns or authorized direct deposits — will likely have to wait weeks and even months before seeing their money. Some will have to first file a return or register online in order to receive the payment.

Also on Friday, the IRS launched a new tool to help low-income people who aren’t normally required to file returns to input some basic information so that they can receive the stimulus money. They’ll have to provide their Social Security number, name, address, and the number of their dependents — as well as bank account information if they want to receive a direct deposit.

Next week, the IRS is planning to roll out a web portal that will give people whose bank account information is not on file with the agency the ability to submit it in order to get their stimulus payments faster, without waiting for paper checks. It will also help people check on the status of their payments.

From the IRS website:

Coming next week: Automatic payments begin

Eligible taxpayers who filed tax returns for either 2019 or 2018 and chose direct deposit of their refund will automatically receive an Economic Impact Payment of up to $1,200 for individuals or $2,400 for married couples and $500 for each qualifying child. Individuals who receive Social Security retirement, survivors or disability benefits, SSDI or who receive Railroad Retirement benefits but did not file a return for 2019 or 2018 will automatically receive a payment in the near future.

Coming next week: Get My Payment shows Economic Impact Payment date, helps with direct deposit

To help everyone check on the status of their payments, the IRS is building a second new tool expected to be available for use by April 17. Get My Payment will provide people with the status of their payment, including the date their payment is scheduled to be deposited into their bank account or mailed to them.

An additional feature on Get My Payment will allow eligible people a chance to provide their bank account information so they can receive their payment more quickly rather than waiting for a paper check. This feature will be unavailable if the Economic Impact Payment has already been scheduled for delivery.

More Information on Economic Impact Payments

The IRS will post additional updates on IRS.gov/coronavirus on these and other issues.