photo credit: ungvar // Shutterstock
As for the $1200 checks we’re all supposed to be getting, the optimist date was April 6th, but now the IRS is saying April 13th will likely be the week money goes out.
The money will be deposited directly into the account you used for your 2018 or 2019 tax returns.
For those who did not sign up for direct deposit on their tax returns, the week of May 4th is when paper checks will be sent out. For paper checks, it can take about 20 weeks for all of the checks to be mailed out. Individuals with the lowest income, based on adjusted gross income, will receive their checks first.
The IRS says it is working on developing a web-based system for people to give the government their direct-deposit information. Keep checking www.irs.gov/coronavirus for more details on this.
The law stipulates that individuals who earn $75,000 or less will receive $1,200, and couples making $150,000 or less will receive twice that amount, with an additional $500 per child. The payments decrease for individuals and couples who make more money, with individuals who make more than $99,000 receiving nothing.
Written by Clarke Jones