![]() This story has been updated with more details about the federal stimulus checks.ĬNN’s Katie Lobosco and Tami Luhby contributed to this report. In 2008, when the government distributed similar stimulus money, deposits were made over a three-week period, while paper checks were sent through the mail over a 10-week period.Īccording to the legislation, the IRS has until the end of 2020 to transfer the payments. In the past, it has taken longer to send checks than make direct deposits. Individuals with the lowest income, based on adjusted gross income, will receive their checks first. The paper checks will be issued at a rate of about 5 million per week, the memo says. ![]() Meanwhile, the IRS expects to start issuing paper checks the week of May 4, according to the House Democratic memo. That includes individuals who earned less than $12,200 in 2019 and couples who earned less than $24,400. The income thresholds would be doubled for couples.įor those who haven’t filed a return for either 2019 or 2018, the IRS urges them to do so quickly including for those who don’t normally need to file a tax return. The amount will then be reduced by $5 for every additional $100 of adjusted gross income, and those making more than $99,000 will not receive anything. But payments start phasing out for individuals with adjusted gross incomes of more than $75,000. Under the economic relief package, individuals are due up to $1,200 and couples will receive up to $2,400 – plus $500 per child. The distributions are part of the $2.2 trillion economic relief package passed by Congress in March. Others – including people who haven’t filed returns, authorized direct deposits, or receive Social Security – will probably have to wait weeks or months before seeing their money. We know many people are anxious to get their payments we’ll continue issuing them as fast as we can,” the IRS wrote Saturday evening on Twitter.ĭeposits will continue in the days ahead, starting with people who have filed tax returns for 2018 or 2019 and authorized direct deposit. “#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today. Accessed July 5, 2021.The Internal Revenue Service sent out the first wave of stimulus checks to Americans on Saturday, the agency said. Experience With Fiscal Stimulus: A Historical and Statistical Analysis of U.S. " The Effectiveness of Fiscal Stimulus Depends on How It Is Delivered." Accessed July 5, 2021. The recovery rebate credit is a refundable tax credit that can be claimed on your 2021 return if you did not receive your third stimulus check or received the wrong amount. " Basic Information on the Stimulus Payments." Accessed Jul 5, 2021. 1: American Recovery and Reinvestment Act of 2009," Pages 195 and 196. ![]() " Obama Had It Right the First Time: Bring Back the Making Work Pay Tax Credit." Accessed July 5, 2021.Ĭ. " What Did the 2008-10 Tax Stimulus Acts Do?" Accessed July 5, 2021. Taxpayers who have filed tax returns for 2018 or 2019 and who have authorized direct deposit started receiving their stimulus. On April 11, 2020, the IRS began its first wave of payments. " Congress Approves Economic Relief Plan for Individuals and Businesses." Accessed July 5, 2021. On MaCongress unanimously passed an economic stimulus package that allows for taxpayers to receive stimulus checks of up to 1,200 per adult. 748: Coronavirus Aid, Relief, and Economic Security Act,". " Treasury and IRS Begin Delivering Second Round of Economic Impact Payments to Millions of Americans." Accessed July 5, 2021.Ĭ. " Consolidated Appropriations Act, 2021 Section M: Coronavirus Response and Relief Supplemental Appropriations Act, 2021,". " The American Rescue Plan Act Greatly Expands Benefits Through the Tax Code in 2021." Accessed July 5, 2021.Ĭongress. 1319: American Rescue Plan Act of 2021,". " Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output from January 2011 Through March 2011," Pages 4-7. " History of Stimulus Packages." Accessed July 5, 2021.Ĭongressional Budget Office.
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