Many college students not eligible for stimulus checks

Stimulus Update: seniors will receive automatic COVID-19 stimulus payments

Dependents older than 16, people without a Social Security number, and those with incomes above $US99,000 (or $US136,500 if you file as a head of household) won't get a stimulus check. People who didn't file in 2019 will still be able to receive money based on their 2018 tax return. The IRS says that could happen within three weeks, as of April 2, 2020, writing, "The distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people".

The checks will be $1,200 per person who makes less than $75,000 per year.

The IRS expects to issue five million paper checks per week, Democrats said in their memo, adding that it would take 20 weeks to mail out all checks to eligible Americans.

However, the Treasury on Wednesday reversed course, saying that senior citizens, Social Security recipients and railroad retirees who are not typically required to file tax returns will not need to file a tax return to get the payment. That means married couples filing joint returns will receive the full payment - $2,400 - if their adjusted gross income, which what you report on your taxes, is under $150,000.

Most people should receive their money by mid-April via direct deposit, the Treasury said.

The money will be directly deposited in your bank account if the government has that information from your tax return.

"I told you it would be three weeks, now I'm telling you it will be two weeks", Mnuchin said during a briefing at the White House on Thursday night.

Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits.

According to CNN, the IRS will have an online system in place by the end of April or the beginning of May allowing those who qualify for the payment to update direct deposit information and check on the status of the payment.

"Anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment".

The process of mailing checks is expected to continue until September 4, when joint filers with an AGI of $US198,000 - the cutoff for the minimum stimulus payment - will receive theirs.

According to The Post, remaining payments for those who the IRS had no prior tax information will be sent on September 11.

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