Direct Deposit users will receive their stimulus payment firstYou should expect to see your stimulus payment in your account as soon as next week. Those receiving their payments first will be those who utilize Direct Deposit for income tax returns and Social Security disbursements. If you do not utilize the service, you should receive a check in the mail beginning as early as May. However, delays could result in the checks not arriving until September or October in most cases. The lower the income you earn, the sooner you will receive your payment.
The timeline for stimulus payments
Phase 1 – Direct Deposit payments to taxpayersAccording to the House Ways and Means Committee, the disbursement of payments should start as early as April 13. However, this is four days behind schedule compared to the original date of April 9. The Internal Revenue Service is expected to make roughly 60 million payments via Direct Deposit for those who filed or are filing their 2018 or 2019 tax returns. This includes Social Security recipients who also utilize Direct Deposit.
Phase 2 – Direct Deposit payments to Social Security beneficiariesTen days following the first round of payments, approximately April 23, the second round of payments will begin. This will specifically target Social Security beneficiaries who do not file tax returns in the past two years and receive their benefits via Direct Deposit.
Phase 3 – Check paymentsAs early as May 4, the IRS should begin issuing paper checks to individuals. However, they will be issued in reverse order, based on adjusted gross income. As a result, lower-income individuals will receive their checks first.
How much will I receive?According to the CARES Act, payments are $1,200 per adult and $500 per dependent child. There are explicit guidelines regarding income, with set limits for $75,000 for individuals and $150,000 for married workers. The benefits decline in increments based on income guidelines between $75,000 and $99,000 for individuals. Additionally, this would reflect a range of $150,000 to $198,000 for married workers. For example, a family of four could make a total of $218,000 and still receive the full stimulus benefit.
Jake Leonard, a broadcast media and journalism veteran, is the editor-in-chief of Heartland Newsfeed. Leonard is also GM and program director of Heartland Newsfeed Radio Network, wrestling editor and contributing writer for Ambush Sports, a contributing writer for My Sports Vote and Midwest Sports Network, and a former contributor to Bleacher Report and Overtime Heroics. He resides at home in Nokomis, Ill. with his dog Buster.