Check your balance! The first batch of stimulus payments have begun flowing into bank accounts

Taxpayers who have their direct deposit information registered with the Internal Revenue Service (IRS) have begun receiving their stimulus payments. The federal agency announced on Saturday that it has deposited the first batch of stimulus checks into bank accounts, as part of the 2 trillion dollar-bill passed by Congress to stimulate the economy following the drastic pandemic-driven decline. Those who saw the payments reflected in their bank accounts took to social media to share the good news while others anxiously await their checks.

#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today. We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can, the IRS tweeted over the weekend. Direct deposits will continue to be issued in the upcoming days to taxpayers, reports CBS News, starting with those who filed taxes for 2018 and 2019. This also includes Social Security beneficiaries who filed federal tax returns that included their direct deposit information. On the other hand, those who do not have direct deposit information registered with the IRS might have to wait months for their checks to be mailed in.

According to Politico, paper checks for American citizens without direct deposit will only start going out early next month, some of which might take up to five months to reach their recipients. "If we have your [bank] information you’ll get it within two weeks. Social Security, you’ll get it very quickly after that. If we don’t have your information you’ll have a simple web portal, we’ll upload it. If we don’t have that, we’ll send you checks in the mail," said Treasury Secretary Steven Mnuchin during a White House press briefing earlier this month. However, he added that "in this environment, we don’t want to send checks and we want to put money directly into [taxpayers'] accounts," reports The Washington Post.

In an attempt to speed up the rollout of stimulus payments, the IRS is launching a new web tool named "Get My Payment" to help low-income people who aren't normally required to file returns submit their basic personal information—Social Security number, name, address, bank account information, etc.—to the agency. The portal, which will be accessible on the IRS website, is expected to fast track the receipt of payments, as the agency is currently looking at issuing about 5 million checks each week.

Under the CARES Act which was signed into law by President Trump late last month, individuals who made less than $75,000 in 2019 will be eligible for a stimulus payment of $1,200. Meanwhile, couples who filed jointly and made less than $150,000 last year will receive $2,400 and taxpayers who filed as "head of household" and earned $112,500 or less will get $1,200. Individuals will also receive $500 for each of their children, regardless of how high their income is. However, individual taxpayers who earn more than $99,000 and couples earning more than $198,000 (with no kids as dependents) are not included in the stimulus plan.

According to NBC News, the maximum payment for a family of four is $3,400. Although owing back taxes or other debt to the government doesn't disqualify an individual from receiving the stimulus payments, those who are overdue on child support could see their cash payments reduced or eliminated. As of now, the CARES Act has only approved a one-time deposit, but additional legislation in the future could approve another round of payments. The President has hinted at the possibility of the same, saying that he "likes the concept" of a second round of payments.

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