I want to give you updated information as I understand it right now for when you might receive your direct payment of $1,200 from the COVID-19 relief package, and what you may need to do in order to receive it.
The Department of Treasury determined that beginning April 13 they will begin sending out the COVID-19 payments through direct deposit information submitted with your last tax return. If the IRS doesn't have that information on file, the best way to receive the benefit would be to file your 2019 taxes.
Just yesterday, we received great news. According to the Treasury Department, if you receive Social Security benefits, your check will automatically come to you.
This came after pressure from my colleagues and I on the Ways and Means Committee, who are continuing to fight for those in need to receive direct cash assistance. We are also looking to build on this progress and make the same automatic payment available to some Veterans and those who receive Supplemental Security Income (SSI).
As of today, here is the latest estimated timing from the IRS on economic impact checks:
-The IRS will make payments to people through direct deposit in mid-April (likely, the week of April 13th). In order to be in the first round the IRS has to have direct deposit information from either your 2019 or 2018 tax filing.
-About 3 weeks after those deposits are made (the week of May 4th), the IRS will begin issuing paper checks to individuals.
-The paper checks will be issued at a rate of about 5 million per week, which could take up to 20 weeks to get all the checks out.
-The checks will be issued in reverse “adjusted gross income” order—starting with people with the lowest income first.
-The IRS is encouraging taxpayers to file their 2019 returns to the maximum extent possible. As taxpayers file their 2019 returns electronically, the IRS will post updated tax information weekly to its files and then send this information to another agency that will issue weekly payments.
-The IRS expects to create a portal by the end of April/early May that will allow taxpayers, once they have been authenticated, to: (1) find out the status of their rebate payment and (2) update direct deposit information.
-For SSA beneficiaries who do not file returns, Treasury and the IRS announced on the evening of April 1st that these beneficiaries will not need to file a “simple tax return” to receive their rebate. Recipients will receive their rebate just as they would their Social Security benefits.
-For other taxpayers who do not file returns, the IRS expects to release the “simple tax return” soon. The IRS expects it will contain only a few questions, including name, Social Security Numbers, dependents, and deposit information. There also will be other IRS guidance accompanying this simple tax return.
As a member of the Ways and Means Committee, I'm going to continue fighting for ways to make this process simpler and more direct. Keep up to date with the latest information on economic resources on my website: https://blumenauer.house.gov/covid-19-economic-stabilization-resources