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IRS deposits first round of coronavirus stimulus checks into bank accounts

IRS deposits first round of coronavirus stimulus checks into bank accounts
Posted at 8:45 PM, Apr 11, 2020
and last updated 2020-04-11 20:49:43-04

WASHINGTON, D.C. – You might want to check your bank account for some extra money.

The Internal Revenue Service (IRS) said in a tweet on Saturday that it has deposited its first wave of coronavirus stimulus checks into the bank accounts of qualifying Americans.

The money is from the $2.2 trillion stimulus package passed by Congress that is aimed at keeping Americans and the economy afloat during the COVID-19 crisis.

The IRS says direct deposits will continue over the next several days and that officials are issuing them as fast as they can.

The agency is starting with people who have provided banking information while filing taxes the past few years. However, people who haven't used direct deposits will get checks by mail. That could take weeks or even months.

Only people under the income limit are eligible.

According to the IRS, those who made less than $75,000 in 2019 will be eligible for the full payment of $1,200. Couples who filed jointly and made less than $150,000 will get $2,400. An individual who filed as a "head of household" and earned $112,500 or less will get $1,200.

The IRS says taxpayers will receive a reduced payment if their adjusted gross income is between $75,000 and $99,000 if their filing status was single or married filing separately, between $150,000 and $198,000 if their filing status was married filing jointly, and between 112,500 and $136,500 for “head of households.”

Click here to learn more about qualifying for the stimulus checks.