TAMPA, Fla. — It’s the question everyone wants an answer to: When will federal coronavirus economic impact payments hit my bank account?
According to the IRS, the first deposits will happen in the next three weeks, and most people won’t have to do anything—the payment will automatically appear in your account.
How do I know if I’ll get a check?
If you make up to $75,000 as an individual or up to $150,000 as a married couple, you’ll most likely get $1,200 or $2,400 respectively. Every $100 above those amounts will decrease the stimulus payment by $5. Individuals making more than $99,900 and married couples making more than $198,000 won’t get anything.
Where will the money go?
Straight into your bank account. That’s if you have a 2018 or 2019 tax return on file with the IRS. Your money will be deposited into the bank account on file. If you don’t have a bank account on record, you could be issued a paper check. There are some anticipated workarounds—the IRS said over the next few weeks the Treasury will be building a web portal so people can upload their banking information for quicker deposits.
Do I have to pay this money back next year?
No. Not now or ever. This is not a loan. 10News political expert Lars Hafner said they are bonafide stimulus checks that have nothing to do with taxes or the IRS.
"This is strictly a stimulus check and there's no taxes or anything that comes out of it. It's [an] opportunity to take all the money and to use it however they deem necessary to get them through times of crisis,” he said.
How will my children impact my check?
Parents can get an additional $500 credit for each child that qualifies under the stimulus package.
What about those receiving government assistance?
"Anyone that does receive Social Security or Medicaid benefits or even disabilities, they are eligible also for the stimulus check under the same type of guidelines,” said Hafner.
For more details, click here.
Emerald Morrow is a reporter with 10News WTSP. Like her on Facebook and follow her on Twitter. You can also email her at emorrow@wtsp.com.
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