Those will probably go to 60 million people direct deposit …
Paper checks could start to go out by May….
Some won’t see money till the summer…
The payments were included in legislation designed to curb some of the economic damage caused by the coronavirus pandemic. They will total up to $1,200 for individuals, $2,400 for married couples and $500 per child for families. The payments will start phasing out for individuals with incomes above $75,000, or $150,000 for couples.
To speed receipt, those without direct deposit information already on file will be able to get the information to the IRS either through an internet portal expected to debut late this month or in early May, or by filing a so-called simple tax return the IRS plans to release in the coming weeks.
That form is expected to ask filers for their names, Social Security numbers, information on dependents and deposit information.
Social Security beneficiaries who don’t file tax returns will automatically get their payments just as they would their Social Security benefits, after the Treasury Department and IRS on Wednesday reversed initial instructions that they’d have to file simplified tax returns….