Stimulus Checks Should Go Out This Week Or Next, Says Kudlow

The Wealth Advisor Contributor

April 8, 2020

Your Coronavirus stimulus check may go out this week or next.

Here’s what you need to know.

Stimulus Check

“The checks from the Treasury and the IRS probably start going out...I think this week, perhaps early next,” Larry Kudlow, Director of the U.S. Economic Council, said to CNBC.

That’s good news for millions of Americans who are waiting for their stimulus check due to the Coronavirus pandemic, which could be as much as $1,200 per person, $2,400 for married couples filing jointly and $500 per dependent child. Kudlow added, “We’re giving assistance checks to 175 million Americans.” A memo from the House Ways and Means Committee, however, claims that although 60 million stimulus checks will be distributed in mid-April, other Americans who did not provide direct deposit on their tax return potentially may need to wait months before they receive their stimulus check. The House Ways and Means Committee memo says that check distribution could work like this:

Week of April 13, 2020: 60 million checks distributed through direct deposit
Week of May 4, 2020: The IRS will start sending paper stimulus checks.
Each week thereafter: Approximately 5 million paper checks will be issued each week.

Based on this tentative schedule, the memo says that some Americans may not receive their check until the week of August 17. Treasury Secretary Steven Mnuchin disputes that timeline and says checks will be distributed within “a matter of weeks, and not months.” The Treasury Department told USA TODAY that 50 million to 70 million Americans would receive their stimulus checks via direct deposit by April 15. Within three weeks, the Treasury Department said the “overwhelming majority of eligible Americans” will receive their stimulus check.

According to The Washington Post, which has reviewed a timetable from the IRS, stimulus checks first will be sent to taxpayers with the lowest income:

April 24: Less than $10,000
May 1: $10,0001 - $20,000
May 15: $20,001 - $40,000
May - September: checks sent in order from lowest income to highest income based on 2018 or 2019 tax information
September 4: remaining checks sent
September 11: checks sent to those who didn’t provide information to IRS

How To Get Your Stimulus Check Sooner

Here’s the best way to try to get your stimulus check sooner (although no guarantees of course):

Check if you qualify to receive a stimulus check.
If you provided direct deposit information on your 2018 or 2019 income tax return, then the IRS already has your direct deposit information.
If you haven’t filed 2018 or 2019 income taxes, you can still file them. If you do, you can provide your direct deposit deposit information to get your stimulus check faster.
Checks will be distributed in reverse order based on adjusted gross income. This means that those with lower adjusted gross income will be issued a check first.

If you don’t file taxes, but you receive Social Security benefits, you don’t have to file any taxes to qualify. You’ll automatically receive a stimulus check. If you filed already, but didn’t provide direct deposit information, the good news is you still can. In late April or early May, according to the memo, the IRS expects to create an online portal that will enable taxpayers to update their direct deposit information and check the status of their stimulus check. For those who don’t file taxes, but who receive Social Security benefits, you can also update your direct deposit information once the online portal is available. Stay tuned.

Stimulus Checks: Q&A

How much money can I get?

Individuals: $1,200

Married Couples: $2,400

Dependent Children: $500 (must be less than 17-years-old)

Does it matter how much income you make?

Yes.

What are the income thresholds?

There is no minimum adjusted gross income threshold. However, the stimulus check amount phases out by $5 for every $100 above certain income levels based on your tax filing status:

Single Filer: $75,000
Head of Household: $112,500
Married/Joint Filer: $150,000

At what income level will I not qualify for a stimulus check?