Stimulus Checks: IRS Issues First Set

Stimulus Check
Stimulus Check

The IRS has released its first set of stimulus checks for Americans on Saturday in view of the Coronavirus crisis.

The IRS had tweeted saying “#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today. We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can.

The payments will be started with individuals who applied for tax returns of 2018 or 2019 and authorized direct deposit. The others, who haven’t filed the above will have to wait for a few weeks or months to receive their checks.

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The Congress had released an economic relief fund worth $2.2 trillion. The money in the fund is being used to provide the Americans with money.

As per the package, $1200 has been assigned to individuals while $2400 has been permitted for couples alongwith $500 for each child.

Payments will be reduced in the case of people who have adjusted gross incomes above $75,000. There will be a cut by $5 for each $100 additional adjusted gross income. Meanwhile, those who earn above $99,0000 will not be given any payments.