During a live White House coronavirus update Thursday, Vice President Mike Pence announced Americans will begin to see their economic impact payments direct depositing into their accounts next week.
Watch the full update below, or click here to pick up right where Pence addresses the stimulus packages.
“With regard to direct payments to Americans, the treasury secretary assured senators -- and we assure every American -- that we remain on the timetable where the first payments and direct deposits will go out by the end of next week,” Pence said. "For the average family of four, that will be $3,400 in direct financial support and will, no doubt, be welcomed news.”
Who is eligible?
Taxpayers who have already filed in 2019 or filed in 2018 will receive an automatic economic impact payment of up to $1,200 for individuals, $2,400 for married couples and $500 for each qualifying child, according to the Internal Revenue Service.
To receive full payment:
- Tax filers must have an adjusted income up to $75,000 individually.
- Tax filing married couples who file joint returns must have an adjusted income of up to $150,000.
- For tax filers who make more than those amounts, the payment amount will be reduced by $5 for each $100 above the said thresholds.
Those who are Social Security recipients and railroad retirees are not required to file a tax return to be eligible to receive their economic impact payment, government officials say.
People who are not eligible for the payment include single filers with an income exceeding $99,000, and $198,000 for joint filers with no children.
How will the IRS know where to send my payment?
Most people do not need to take any action to receive their payment. The IRS will use information from your 2019 or 2018 tax filing — whichever you’ve most recently done — to calculate the payment. Your banking information used on the filing is where the payment will be deposited directly.
If you have not provided banking information to the IRS in the last couple years, a web-based portal will be created for people to provide their banking information in the coming weeks.
We know many of you have many questions concerning your economic impact payments. If you’re still searching for an answer, visit the IRS.gov website by clicking here to learn more.