Coronavirus payments: when will they arrive?

As originally published by The Wall Street Journal on APR17th:

When will the money arrive?

Payments started arriving in bank accounts the week of April 13. The government will be able to move fastest for people who have filed 2019 tax returns with direct-deposit information and significantly slower for those who will need paper checks.

Is there a way to give the IRS my bank account information to speed up my payment?

The IRS has now added the “Get My Payment” feature on its website that will let people check the status of their payments and provide updated bank information to get direct deposits instead of paper checks. That can accelerate the payment by weeks or months because the government can only print about five million checks a week.

How much money is it?

The plan provides $1,200 for each adult and $500 for each child under 17. A married couple with two children would get $3,400. Most people will receive the money in a payment from the Internal Revenue Service soon.

Who qualifies?

The payments go to almost any adult with a Social Security number, as long as they aren’t dependents of someone else. Those adults get the payments for the children in their household. Payments start phasing out for those with income above $75,000 in adjusted gross income for individuals, $112,500 for heads of household (often single parents) and $150,000 for married couples. The payments start shrinking above those levels.

Besides those who make above the income threshold for the payments, is there anyone who doesn’t get a payment?

You must have a Social Security number to get a payment. Also, if you are a dependent on someone else’s tax return and you aren’t a child, you don’t get a payment. This includes some high-school students, college students and some disabled and elderly people, many of whom show up on the tax returns of the people they live with and who provide most of their support. Immigrants who don’t have Social Security numbers also aren’t eligible.

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