Treasury expected to get started on stimulus payments Friday
Paper checks for people without direct deposit would start going out early next month.
By AARON LORENZO, 04/09/2020, Politico
The Treasury Department on Friday is expected to take the first step in getting economic stimulus payments to millions of Americans, who will get access to the money next week if they have direct deposit bank accounts, according to financial industry sources. Paper checks for people without direct deposit would start going out early next month, though some could take up to five months to reach recipients and there are still unanswered questions about how banks will handle some of them.
The initial step involves clearing the payments that will be directly deposited, with banks expecting a Treasury Department transmission Friday to confirm the money will reach the right accounts. On Monday, the IRS would begin processing the payments — up to $1,200 for individuals, $2,400 for couples and an extra $500 for children — and the direct deposits would hit people's bank accounts on Wednesday.
“That timeline is the update I am aware of and is accurate,” one industry source said Thursday. The other said the information was “based on conversations with Treasury.”
Spokespeople for Treasury and the IRS could not be reached immediately for comment...
Not everyone will get payments. They start phasing out for individuals with incomes above $75,000, or $150,000 for couples. Nothing would go to single filers earning more than $99,000; head-of-household filers with one child who earn more than $146,500; and joint filers without children who earn more than $198,000...
Full story at https://www.politico.com/news/2020/04/09/treasury-expected-to-get-started-on-stimulus-payments-friday-178683
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