Stimulus checks: When will you get the payment and how much will it be?

Treasury Sec. Steven Mnuchin announced late Monday that 80 million Americans will get an economic stimulus check directly deposited into their bank accounts on Wednesday.

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“We know how important that is to all of those hard-working Americans, many of which are at home not working at the moment,” Mnuchin said at President Donald Trump’s daily Coronavirus Task Force press briefing.

The first batch of checks aimed at helping Americans after the COVID-19 virus virtually shut down the U.S. economy was sent out on Saturday, according to Mnuchin.

The payments will be directly deposited into the bank accounts of those who have filed a 2018 or 2019 tax return. Those who receive Social Security benefits will also receive a payment. Recipients do not have to request the payment, it will be delivered in the same way they receive their Social Security benefits.

A person who did not have to pay income tax or does not receive Social Security benefits can go to this Internal Revenue website tool and click on “Non-filers: Enter Payment Info Here” to submit direct deposit account information to receive a payment, according to Mnuchin.

Mnuchin said Americans should check their bank accounts on Wednesday to look for the payment, and that if it is not delivered they can go to a new tracking tool the IRS has launched called “Get my payment” to see when they will get the money.

The payment is part of the economic stimulus plan passed by Congress and signed into law by President Donald Trump last month. It includes $1,200 checks to adults who filed their income tax under the classification of “single” who had an adjusted gross income below $75,000 and those who filed as “head of household” with an AGI of less than $112,500.

Married couples who filed taxes jointly and made less than $150,000 will receive $2,400.

In addition, the government will pay all classifications of filers an additional $500 per dependent child.

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