Some Americans Could Be 'Months Away' From Getting Stimulus Checks

Andrew Cummings
April 4, 2020

Mnuchin's two-week timeline is for those who the IRS has direct deposit information from. "If we have your information, you'll get it within two weeks". The Internal Revenue Service recently released a new rule that you don't have to file a tax return to get a stimulus check if you're on social security. The IRS then will begin putting paper checks in the mail in early May. For instance, people with incomes above $US20,000 and less than $US30,000 will be sent checks on May 1.

However, the Treasury on Wednesday reversed course, saying that senior citizens, Social Security recipients and railroad retirees who are not typically required to file tax returns will not need to file a tax return to get the payment.

The memo reportedly stated that about 60 million Americans will receive direct deposits in mid-April so long as such taxpayers provided their direct deposit information to the IRS on either their 2018 or 2019 tax returns. Families will receive an additional $500 for each dependent child who was age 16 or under as of December 31, 2019.

If you don't submit your direct-deposit details, the payment will be sent as a paper check to your last known address. These payments gradually decrease for people with incomes exceeding $75,000, $112,500 for head of households, or $150,000 for joint filers.

What if the IRS doesn't have your direct deposit information? Lawmakers have urged the IRS to process the payments quickly so that unemployed workers can use them to pay bills. People who make more than the threshold will see decreases by $5 per every $100 earned after that, ending at $99,000.

Mnuchin added in the press conference that the IRS would prefer to deposit the stimulus money directly into Americans' bank accounts instead of sending a check in the mail as the CCP virus continues to spread in the United States.

The remaining groups - low income individuals, some veterans and people with disabilities - will still have to file an abbreviated tax return if they do not receive Social Security. For those who have not yet filed their taxes this year, it will be based on 2018 returns.

"Social Security recipients who are not typically required to file a tax return do not need to take an action, and will receive their payment directly to their bank account", Secretary Steven T. Mnuchin said in a statement.

Other reports by iNewsToday