When Might You Be Receiving Your $1,200 Federal Government Deposit/Check?
I have been receiving a lot of emails from listeners who are wondering when they will receive the $1,200 "bailout" checks from the Federal government.
According to the IRS (Internal Revenue Service), these payments will be coming in waves, the first wave starting the week of April 13th. The first group of people who will receive their "bailout" funds will be those in which the IRS already has your bank account information on file from when you filed your 2019 tax return and requested your refund be automatically deposited into your bank account. The IRS believes this first group will consist of anywhere between 50 to 70 million Americans. Those of you who did not yet file your 2019 tax return the IRS will use your 2018 tax return to both calculate the deposit amount and deposit the money directly into the same banking account information reflected on that return.
The next wave or group of people to receive their "bailout" deposits will be those who receive Social Security benefits but were not required to file a federal income tax return. Those deposits will start as early as the week of April 20th. You do not need to file any extra forms to receive this "bailout" money the funds will be automatically deposited to the bank account that your benefits are deposited to monthly.
Last but not least will be those who have to actually have a check sent to the latest address the IRS has on file for you. These paper checks are predicted to start being sent out in May. It is estimated that this last group could be as large as 100 million Americans. It is also estimated that the IRS could mail approximately 5 million checks a week.
We are being told that those of us with the lowest incomes will get their checks first.
The deposits/checks will be $1,200 for individuals, $2,400 for married couples and $500 per child/dependant for families. These bailout payments will start phasing out for individuals with incomes above $75,000, or $150,000 for couples.