Great news! The federal government just passed a $2 trillion Coronavirus relief package. The one-time payments are designed to help cover expenses for people experiencing financial setbacks due to the pandemic and the government’s efforts to prevent its spread.
How does the payment work?
For tax filers making up to $75,000 and married couples making up to $150,000, the checks will be $1,200 per adult and $500 per qualifying child. Those amounts phase out for taxpayers above the income thresholds, eventually zeroing out for individuals making more than $99,000 and married couples with no children making more than $198,000.
How will I get it?
The Treasury Department and the IRS will be responsible for distributing the money. The IRS can disburse payments to people electronically to accounts authorized for tax refunds or other federal payments on or after January 1, 2018. And in the coming weeks, the Treasury Department plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail. Otherwise, recipients will likely receive their check in the mail.
When will I get it?
Electronic payments may be pushed out over the next few weeks, but paper checks will take longer. You can check the status of checks on a special page on the IRS website: https://www.irs.gov/coronavirus
For more information, check out the FAQs provided by the IRS:
Sources: thehill.com, cbsnews.com, irs.gov