Coronavirus Economic Stimulus Checks: What You Need To Know

Most Americans can look forward to receiving their stimulus checks in the next three weeks as a $2 trillion economic relief package is rolled out to combat the economic effects of the new coronavirus outbreak.

Most Americans, including Social Security recipients, won't need to lift a finger to receive their checks, but some won't get off so easily.

Here's a breakdown of some common questions and answers:

When Will My Money Arrive?

For Americans who have filed their 2018 or 2019 tax returns and included direct deposit information, checks will begin hitting bank accounts the week of April 13, NBC News reports.

An estimated 60 million Americans for whom the IRS does not have direct deposit information may have to wait up to five months to receive their money. NBC reports it could take five months to mail paper checks to those folks, starting in May.

What Do Social Security Recipients Need To Do?

In a news release Wednesday, the U.S. Treasury announced that Social Security beneficiaries will not need to file an abbreviated tax return to receive their payment. Social Security recipients will receive their payment via direct deposit or by paper check, just as they receive their normal benefits, the Treasury said.

Senior citizens, Social Security recipients and railroad retirees will all receive $1,200 per person, the IRS said. Because the IRS does not have recent filing information for these individuals, their payments will not account for dependents.

Must I File A Tax Return To Receive A Stimulus Payment?

People who have not filed 2018 or 2019 tax returns, and who aren't Social Security recipients or railroad retirees, will have to file a "simple" tax return. The IRS has not yet identified its process for filing the return, or what exactly a "simple" return is.

Am I Eligible To Receive The Payment?

Most single Americans will receive a $1,200 payment, and most married couples will receive $2,400. Most parents with children will also receive an additional $500 for each child.

Individuals with an adjusted gross income over $75,000, and for married couples filing joint returns with an income exceeding $150,000, will receive reduced payments. For filers with an income above those amounts, the payment will be reduced by $5 for each $100 above the thresholds.

Single filers with income exceeding $99,000, and joint filers — without children — whose income exceed $198,000, are not eligible to receive the payment.

Does The IRS Know Where To Send My Payment?

Everyone has filed either 2018 or 2019 tax returns with their direct deposit information will receive their payments automatically. Those who have not filed their 2018 or 2019 tax returns, for whom the IRS does not have their direct deposit information, will be able to provide their direct deposit information via an online portal.

The IRS has not said how long it will take to start sending payments to people who provide their banking information on the online portal.

How Long Will Stimulus Payments Be Available If I Still Need To File?

Payments will be available throughout the rest of 2020, according to the IRS.

How Do I Learn More?

The IRS posts all key information on IRS.gov/coronavirus as soon as it becomes available.

READ MORE:

• Coronavirus: U.S. Small Business Relief Effort Off To Rocky Start
• Resources For Local Businesses Needing Help During Coronavirus

Patch editor Rich Kirby contributed to this report