Stimulus checks from the Treasury Department are expected to arrive as soon as next week, according to Larry Kudlow, the Director of the U.S. Economic Council.
Checks designated by the $2 trillion coronavirus relief package President Donald Trump signed at the end of last month are expected to be sent out across the country over the coming months. According to a memo by the House Ways and Means Committee, obtained by the Associated Press, the Internal Revenue Service (IRS) may begin directly depositing funds to people as soon as April 13. The IRS will then begin mailing physical checks around April 24Â and continue mailing about 5 million for every week thereafter.
Treasury Secretary Steve Menuchin expects that about 50 million to 70 million Americans will receive their checks by direct deposit by the April date, but, based on the current schedule, some may not receive their checks until mid-August. However, the Treasury plans on helping as many Americans as fast as they can by sending out checks in reverse order, first to those with the lowest adjusted gross income first.
Individuals receiving benefits are expected to get up to $1,200, while married couples can get $2,400. Dependent children under the age of 17 will receive $500. However, these amounts are adjusted based on income level. For every $100 made above the threshold levels, $5 is phased out of the relief checks. For individuals, the threshold is $75,000. For couples who jointly file their taxes, the threshold is $150,000. Any individual whose income is above $99,000, or any couple whose income is above $198,000, will not receive a check.
Forbes suggests that additional delays to receiving the stimulus check may come from the improper filing of last year’s taxes. If direct deposit information is not listed on the tax filing, the stimulus check may arrive slower. There is still time to file taxes for 2019, and listing direct deposit information in the file can shorten the waiting time. Those who cannot file taxes, but are on Social Security, are automatically enrolled for the stimulus checks.
The IRS is expected to update and open an online portal by the end of April to allow Americans to update or enter direct deposit information and provide more information on the stimulus checks.
