Stimulus Payouts Are Coming: All You Need to Know and How to Get Them

Coronavirus stimulus checks are just around the corner, and here’s all you need to know on how to get yours. 

First Round of Checks 

As previously established, individuals can receive up to $1,200, while couples can get up to $2,400, with an additional $500 per child under the age of 17. The amount of money one is set to receive will depend on adjusted gross income – individuals exceeding $75,000 and couples exceeding $150,000 a year will be receiving $5 less for every $100 over the threshold.

Delivery of the stimulus checks will be overseen by the Internal Revenue Service (IRS). There are only two ways to receive your money – either through a direct deposit into your bank account (if you filed your taxes electronically) or through a check in your mail. 

If your bank account is closed or you file your taxes the old-fashioned way, expect your check in the mail. If you have recently moved and have yet to update your address, make sure to submit a change of address form. The House Ways and Means Committee also said that the Treasury Department is planning an online portal for people to submit their bank info for direct deposits. 

Either way, you’ll receive a note in your mail detailing where and how the payment was made, likely arriving up to a few weeks after the money is paid out. The note will contain additional information on how to contact the IRS if your payment is missing. 

Americans living abroad will also be able to receive a stimulus check if they meet the income requirements and have a Social Security number.