{"id":70926,"date":"2020-04-13T08:00:48","date_gmt":"2020-04-13T12:00:48","guid":{"rendered":"https:\/\/www.businesspundit.com\/?p=70926"},"modified":"2020-04-12T23:43:22","modified_gmt":"2020-04-13T03:43:22","slug":"first-coronavirus-cares-act-stimulus-payments-arrive-today","status":"publish","type":"post","link":"https:\/\/www.businesspundit.com\/first-coronavirus-cares-act-stimulus-payments-arrive-today\/","title":{"rendered":"First Coronavirus CARES Act Stimulus Payments Arrive Today!"},"content":{"rendered":"\n
\"Coronavirus<\/figure><\/div>\n\n\n\n

The first round of COVID-19 recovery stimulus payments will arrive in the bank accounts of some Americans today. These stimulus payments will be paid via direct deposit<\/strong>.<\/p>\n\n\n\n

Direct Deposit is the Way to Go<\/h4>\n\n\n\n

The first few waves of payments will prioritize low-income Americans and Social Security beneficiaries. That means some Americans will have to wait weeks or months to receive a stimulus payment.<\/p>\n\n\n\n

IRS to Launch Direct Deposit Tool<\/h2>\n\n\n\n

For people who are not set up for direct deposit for tax refunds, the IRS will be launching a tool on April 17th<\/strong> to allow them to enter their direct deposit information online in order to expedite payments.

People who receive Social Security, disability or Railroad Retirement benefits will automatically receive coronavirus stimulus payments.\u00a0<\/p>\n\n\n\n

Online Tool for Non-Filers to Receive Stimulus Payment<\/h3>\n\n\n\n

Some individuals are not required to file a tax return but are eligible to receive a coronavirus economic recovery payment<\/strong>. The Treasury Department and the IRS have set up a tool online for non-filers to enter payment information.<\/p>\n\n\n\n

Those people who earned gross income that did not exceed $12,200 ($24,400 for married couples) in 2019 are not required to file a federal tax return. These people may visit this page<\/a> to provide the Treasury Department with direct deposit details.

It is required that you have a Social Security Number and not be claimed as a dependent by anyone on a 2019 tax return.

The wait for paper checks may be quite long.<\/strong>

The first round of paper checks will be mailed the week of April 20th<\/strong> (very likely April 24th), but the Treasury Department can only process a fraction of the checks needed each week, so those who are waiting for paper checks to arrive in the mail may have a significant wait time.<\/p>\n\n\n\n

How Much Will My Stimulus Check Be?<\/h3>\n\n\n\n

Economic recovery rebate amounts will be calculated using 2019 tax returns if filed, or 2018 if not.

Those who have not filed 2019 tax returns yet<\/strong> and receive a smaller stimulus payment than expected due to their 2018 income being higher will receive the difference after filing a 2020 tax return.

For those who receive a higher stimulus check<\/strong> because it is based on their 2018 tax return, no worries. The IRS will not expect you to repay the overage.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

COVID-19 recovery stimulus payments will arrive in the bank accounts of some Americans today. These stimulus payments will be paid via direct deposit.<\/p>\n","protected":false},"author":74,"featured_media":70927,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1197,11340],"tags":[],"class_list":{"0":"post-70926","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"category-money"},"acf":[],"wps_subtitle":"","_links":{"self":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts\/70926","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/users\/74"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/comments?post=70926"}],"version-history":[{"count":8,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts\/70926\/revisions"}],"predecessor-version":[{"id":70936,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts\/70926\/revisions\/70936"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/media\/70927"}],"wp:attachment":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/media?parent=70926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/categories?post=70926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/tags?post=70926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}