Long Beach, CA
Yesterday, the IRS tweeted that some relief payments have begun to go out to Americans with direct deposit accounts as part of the 2 Trillion Dollar relief package passed by Congress.. The relief package, called the CARES ACT was passed in March in response to the economic fallout due to Covid-19.
According to the bill, Americans who made less than $75,000 in 2019 are eligible to receive $1200 and couples who filed jointly will receive $2400 as long as their combined income was less than $150,000.
An individual who filed as head of household and earned $112,500 or less also gets $1,200 and an additional $500 for every child.
Taxpayers not deemed “head of household” who made over $75,000 will get a reduced payment of $5 for every $100 of income that exceeds the limit. This reduces to $0 for Americans who made $99,000 or higher.
For those who didn’t file their taxes through a direct deposit account may be waiting up to a few months to receive their check however, the IRS is expected to offer an online tool to help individuals register for direct deposit.