President Donald Trump looks on as Treasury Secretary Steven Mnuchin speaks during a briefing about … [+]
Some Americans may not receive their stimulus check until August.
Here’s what you need to know – and what to do about it.
A new memo obtained by the Associated Press claims that although 60 million stimulus checks will be distributed in mid-April, other Americans who did not provide direct deposit on their tax return potentially may need to wait months before they receive their stimulus check. The House Ways and Means Committee memo says that check distribution could work like this:
- Week of April 13, 2020: 60 million checks distributed through direct deposit
- Week of May 4, 2020: The IRS will start sending paper stimulus checks.
- Each week thereafter: Approximately 5 million paper checks will be issued each week.
Based on this tentative schedule, the memo says that some Americans may not receive their check until the week of August 17. The House Ways and Means Committee notes that this schedule is subject to change, particularly as Congress and the Trump administration collaborate to get stimulus checks distributed as quickly as possible. Treasury Secretary Steven Mnuchin disputes that timeline and says checks will be distributed within “a matter of weeks, and not months.” The Treasury Department told USA TODAY that 50 million to 70 million Americans would receive their stimulus checks via direct deposit by April 15. Within three weeks, the Treasury Department said the “overwhelming majority of eligible Americans” will receive their stimulus check.
How To Get Your Stimulus Check Sooner
- Check if you qualify to receive a stimulus check.
- If you provided direct deposit information on your 2018 or 2019 income tax return, then the IRS already has your direct deposit information.
- If you haven’t filed 2018 or 2019 income taxes, you can still file them. If you do, you can provide your direct deposit deposit information to get your stimulus check faster.
- Checks will be distributed in reverse order based on adjusted gross income. This means that those with lower adjusted gross income will be issued a check first.
If you filed already, but didn’t provide direct deposit information, the good news is you still can. In late April or early May, according to the memo, the IRS expects to create an online portal that will enable taxpayers to update their direct deposit information and check the status of their stimulus check. Stay tuned.
Stimulus Checks: Q&A
How much money can I get?
Married Couples: $2,400
Dependent Children: $500 (must be less than 17-years-old)
Does it matter how much income you make?
What are the income thresholds?
There is no minimum adjusted gross income threshold. However, the stimulus check amount phases out by $5 for every $100 above certain income levels based on your tax filing status:
- Single Filer: $75,000
- Head of Household: $112,500
- Married/Joint Filer: $150,000
At what income level will I not qualify for a stimulus check?
- Single Filer: > $99,000
- Joint Filer (no children): > $198,000
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