WASHINGTON- With the House poised to pass the $2 trillion coronavirus relief package Friday, Treasury Secretary Steven Mnuchin expects most Americans to receive their direct payments by next month.
But exactly who will receive financial relief and how much?
“Within the next three weeks, direct payments into most people’s deposit accounts,” said Mnuchin.
Treasury Secretary Steven Mnuchin says millions of Americans will get the $1200 payments Congress is approving by mid-April.
“There’s nothing they need to do other than sit tight and wait for the money to arrive,” said Nicole Kaeding, Vice President of the National Taxpayers’ Union Foundation.
Kaeding explains the Treasury Department will simply use information from Americans’ most recent tax returns or Social Security benefits.
Direct deposit payments should hit bank accounts within three weeks, with physical checks taking six weeks to arrive.
Individuals earning up to $75,000 and heads of households earning up to $112,500 will get $1,200.
Married couples earning up to $150,000 will get $2,400. Then, they will also receive an extra $500 per child up to 16 years old.
“These benefits will not be taxable and they will not impact your eligibility for any other government programs,” said Kaeding.
But not everyone qualifies for the cash, such as adult dependents and those who don’t have a Social Security number.
If you haven’t filed your 2019 tax return, Kaeding says the Treasury can use information from your 2018 return or wait until the next time you file.
“If an individual doesn’t receive a payment here in the next two months do know that if they file a tax return for 2020, they would get the money at that point some time next year,” Kaeding said, adding this could also help those Americans who made too much money in 2019 to qualify but end up making less this year.