IRS Says Expect Stimulus Money in a Few Weeks
WASHINGTON—Oklahomans and the remainder of the country should begin to receive stimulus package checks in three weeks, it was announced by the Department of the Treasury and the Internal Revenue Service.
The economic impact payments are part of the $2 trillion relief package recently passed by Congress.
The payments will be automatically distributed and most Americans will not need to do anything to receive them, according to the IRS.
Those eligible will receive payments of up to $1,200 for individuals and $2,400 for married couples, with parents also receiving an additional $500 for every qualifying child.
Payments will be based on tax filings and individuals with gross annual incomes of less than $75,000 or married couples who file jointly and have a gross income of less than $150,000 will be eligible to receive the full amount, according to the IRS. Individuals with incomes over $99,000 and those with joint incomes over $198,000 with no children are not eligible to receive payments.
The IRS will calculate and send the payments via direct deposit to the bank account listed on a person’s tax return. For those who have not filed their 2019 taxes yet, the IRS will use the information from their 2018 tax returns.
The Department of the Treasury will also be setting up a Web portal for individuals to provide their banking information with the IRS so they can receive immediate payment instead of waiting for a check, an IRS statement said.
Those who have not filed a 2018 or 2019 tax return are being urged to do so by the IRS so they can receive their economic impact payment. To give people time to visit with a tax professional, payments will be available for the rest of 2020, according to the IRS.
Those who are not typically required to file a tax return can also receive a payment by filing a simple tax return, the IRS statement noted.
That form will soon be posted to irs.gov/coronavirus.
“Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax,” according to the IRS.
The IRS will be posting additional information at irs.gov/coronavirus as it becomes available.