ALL NEWS

IRS deposits first wave of stimulus checks

Apr 13, 2020, 8:07 AM

stimulus checks...

A man walks into the Internal Revenue Service building in Washington, DC on March 10, 2016. / AFP / Andrew Caballero-Reynolds (Photo credit should read ANDREW CABALLERO-REYNOLDS/AFP/Getty Images)

(Photo credit should read ANDREW CABALLERO-REYNOLDS/AFP/Getty Images)

(CNN) — The Internal Revenue Service sent out the first wave of stimulus checks to Americans on Saturday, the agency said.

“#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 IRS wrote Saturday evening on Twitter.

Stimulus check: How much can you expect?

Deposits will continue in the days ahead, starting with people who have filed tax returns for 2018 or 2019 and authorized direct deposit. Others — including people who haven’t filed returns, authorized direct deposits, or receive Social Security — will probably have to wait weeks or months before seeing their money.

The distributions are part of the $2.2 trillion economic relief package passed by Congress in March.

Under the economic relief package, individuals are due up to $1,200 and couples will receive up to $2,400 — plus $500 per child. But payments start phasing out for individuals with adjusted gross incomes of more than $75,000. The amount will then be reduced by $5 for every additional $100 of adjusted gross income, and those making more than $99,000 will not receive anything. The income thresholds would be doubled for couples.

For those who haven’t filed a return for either 2019 or 2018, the IRS urges them to do so quickly including for those who don’t normally need to file a tax return. That includes individuals who earned less than $12,200 in 2019 and couples who earned less than $24,400.

Meanwhile, the IRS expects to start issuing paper checks the week of May 4, according to the House Democratic memo.

The paper checks will be issued at a rate of about 5 million per week, the memo says. Individuals with the lowest income, based on adjusted gross income, will receive their checks first.

In the past, it has taken longer to send checks than make direct deposits. In 2008, when the government distributed similar stimulus money, deposits were made over a three-week period, while paper checks were sent through the mail over a 10-week period.

According to the legislation, the IRS has until the end of 2020 to transfer the payments.

This story has been updated with more details about the federal stimulus checks.

The-CNN-Wire
™ & © 2020 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

All News

The steel frame of the Francis Scott Key Bridge sits on top of the container ship Dali after the br...

Nick Perry

Baltimore bridge collapse puts the highly specialized role of ship’s pilot under the spotlight

The highly specialized role — in which a pilot temporarily takes control of a ship from its regular captain — is coming under the spotlight this week.

6 hours ago

Shopping carts are parked outside a Home Depot in Philadelphia...

MICHELLE CHAPMAN AP Business Writer

Home Depot buying supplier to professional contractors in a deal valued at about $18.25 billion

Home Depot will buy SRS Distribution, a materials provider for professionals, in a deal valued at approximately $18.25 billion.

7 hours ago

Killer Mike poses in the press room with three trophies he won at the 66th annual Grammy Awards on ...

Carter Williams, KSL.com

Recent Grammy winners highlight Ogden Twilight Concert Series lineup

Hip hop star Michael Render, known by his stage name Killer Mike, fresh off of three Grammy Award wins last month, is one of several musical artists set to headline this year's Ogden Twilight Concert Series.

7 hours ago

"Burn Book," by longtime Silicon Valley reporter Kara Swisher is seen, Friday, Feb. 23, 2024, in Sa...

Jeff Caplan

Jeff Caplan’s Minute of News: Telling tales about tech bros

Kara Swisher’s new book paints an ugly picture of Silicon Valley.

10 hours ago

pets...

Curt Gresseth

Don’t surrender pets to a shelter. Send in a pro to reverse bad behavior, says Utah trainer

An expert discusses controlling the unwanted behavior of pets.

10 hours ago

Exclusive video obtained by KSL NewsRadio shows Salt Lake hit-and-run in the Avenues neighborhood. ...

Eric Cabrera

WATCH: Exclusive video shows woman survives Salt Lake City hit and run

KSL NewsRadio has exclusively obtained footage of a Salt Lake City hit-and-run, where a woman was struck while out for a run in the Avenues.

10 hours ago

Sponsored Articles

Mother and cute toddler child in a little fancy wooden cottage, reading a book, drinking tea and en...

Visit Bear Lake

How to find the best winter lodging in Bear Lake, Utah

Winter lodging in Bear Lake can be more limited than in the summer, but with some careful planning you can easily book your next winter trip.

Happy family in winter clothing at the ski resort, winter time, watching at mountains in front of t...

Visit Bear Lake

Ski more for less: Affordable ski resorts near Bear Lake, Utah

Plan your perfect ski getaway in Bear Lake this winter, with pristine slopes, affordable tickets, and breathtaking scenery.

front of the Butch Cassidy museum with a man in a cowboy hat standing in the doorway...

Bear Lake Convention and Visitors Bureau

Looking Back: The History of Bear Lake

The history of Bear Lake is full of fascinating stories. At over 250,000 years old, the lake has seen generations of people visit its shores.

silhouette of a family looking over a lake with a bird in the top corner flying...

Bear Lake Convention and Visitors Bureau

8 Fun Activities To Do in Bear Lake Without Getting in the Water

Bear Lake offers plenty of activities for the whole family to enjoy without having to get in the water. Catch 8 of our favorite activities.

Wellsville Mountains in the spring with a pond in the foreground...

Wasatch Property Management

Advantages of Renting Over Owning a Home

Renting allows you to enjoy luxury amenities and low maintenance without the long-term commitment and responsibilities of owning a home.

Clouds over a red rock vista in Hurricane, Utah...

Wasatch Property Management

Why Southern Utah is a Retirement Paradise

Retirement in southern Utah offers plenty of cultural and recreational opportunities. Find out all that this region has to offer.

IRS deposits first wave of stimulus checks