CHICAGO (CBS)– The IRS sent out the first wave of stimulus checks on Saturday and the next wave is expected sometime this week.
The IRS and U.S. Treasury Department actually have until the end of 2020 to get all of these payments out.
Direct deposits will continue going out this week, according to the IRS. The deposits will continue for people who have filed their tax returns for 2018 in 2019, if you have direct deposit set up.
In this relief package, individuals get up to $1,200, couples will receive up to $2,400 plus $500 per child.
For single filers, if you have a gross income of more than $75,000 a year, the amount is reduced by $5 for every additional $100 of adjusted gross income. Those making more than $99,000 will not receive anything. For married couples, if your income is under $150,000, you will receive $2,400 and $500 for each child under the age of 17. If your income is above $150,000, the amount is reduced $5 for every $100 above $150,000. That phases out above $198,000. Families will still get the $500 per child.
If the IRS does not have your direct deposit information, they’re expected to start issuing paper checks the week of May 4. Those with the lowest income will receive their checks first.
As far as those who don’t have to file a tax return, typically, you are still eligible for stimulus checks. The IRS will be putting a special registration page up for anyone who falls into that category.