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Bank accounts could start getting bigger this week, as the IRS begins issuing economic stimulus checks.
Those who make less than $75,000 a year will receive direct payments of $1,200 per individual, or $2,400 for a joint return, plus $500 per dependent. This will phase out for incomes above $75,000, or $150,000 for joint filings.
Checks will go straight to bank accounts for those with direct deposit information on file with the IRS.
The agency is set to roll out an online tool, Get My Payment, on Friday, April 17, that will allow those without bank information on file with the IRS to also get their money through direct deposit, according to a news release.
Get My Payment also will allow users to check the status of their payment, including when it is scheduled to be deposited or mailed to them.
Those who don’t provide bank information will automatically get a paper check, with reports suggesting that checks will be mailed in waves throughout the summer.
A document from the House Ways and Means Committee in Congress says the IRS will make about 60 million payments to Americans through direct deposit in mid-April, likely starting this week.
The IRS has direct deposit information for these individuals from their 2018 or 2019 tax returns.
Then, starting the week of May 4, the IRS will begin issuing paper checks to individuals, says the memo obtained by the Associated Press on Thursday. The paper checks will be issued at a rate of about 5 million per week, which means it could take up to 20 weeks to get all the checks out. That timeline would delay some checks until the week of Aug. 17.
According to the IRS, those who don’t normally file taxes can still get a stimulus payment by filling out information online. This group includes people with too little income to file — single filers who made under $12,200 and married couples making less than $24,400 in 2019.
Automatic payments will also go out soon for those receiving Social Security retirement or disability benefits and Railroad Retirement benefits.
Those who have been claimed on someone else’s return aren’t eligible for a stimulus payment.
The Associated Press contributed to this report.
See original story from the Gainesville Times here.