Coronavirus Stimulus, Have You Received Your Money?

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.

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