First stimulus payments expected to go out the week of April 13 via direct deposit
Taxpayers with direct deposit information on file with the IRS from their 2018 or 2019 tax returns will start receiving their money the week of April 13 with people with the lowest incomes receiving theirs first. If you filed a 2018 or 2019 tax return, your check will come automatically. If you have not, you will need to apply with the US Internal Revenue Service. Because paper checks won’t start going out until May – and could take up to 20 weeks to distribute all of them to people who do not have direct deposit information on file with the IRS. Currently, this includes nearly 100 million Americans.
Most adults can receive $1200 and their children $500. The full benefit is available to adults earning less than $75,000 ($150,000 for couples) and is phased out for higher incomes. You can track how to apply at irs.gov/coronavirus.
Do You Qualify for the Earned Income Tax Credit?
Did you know that 20% of Americans eligible for the federal Earned Income Tax Credit (EITC) miss out on it every year? On average the federal EITC provides $2,500 to working families, with single mothers being the group most likely to be eligible for the EITC. When combined with the Child Tax Credit (CTC), these programs have lifted more Americans above the poverty line than any other program except Social Security.
EITC in Your State
In addition to the federal EITC, 29 states and the District of Columbia also have state EITCs.
The Rockefeller Foundation does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.