The IRS has already sent out 80 million stimulus payments to taxpayers that included their direct deposit information on their most recently filed 2019 or 2018 return. So, if you had filed either your 2019 or 2018 return before the direct deposits were issued, you should already have the money in the bank, UNLESS:
- You changed bank accounts since you filed your return, which means you will be receiving your stimulus payment by check later.
- You owe back child support in which case the payment will go to satisfy your back-child support.
- Your payment was reduced or eliminated because of your higher income. The credit is phased out by 5% of the taxpayer’s adjusted gross income (AGI) that exceeds the filing status threshold. The following table illustrates the phaseouts by filing status and AGI:
RECOVERY REBATE CREDIT AGI PHASEOUTS
Threshold Complete Phase Out Unmarried Taxpayers (as well as Married Filing Separately)
$75,000
$99,000
Head of Household $112,500
$136,500
Married Taxpayer Filing Joint $150,000
$198,000
Stimulus Payments by Check – If you are receiving payment by check, the checks are being issued to the lowest income individuals first where the need is the greatest followed by others with increasing incomes. There is a published schedule in the table below, but you can also check your stimulus payment status using the IRS’s Get My Payment tool. Here is the release schedule for payments by check:
Scheduled Stimulus Payments Via Check Adjusted Gross Income
Issue Date
Less than $10,000 April 24
$10,001 to $20,000 May 1
$20,001 to $30,000 May 8
$30,001 to $40,000 May 15
$40,001 to $50,000 May 22
$50,001 to $60,000 May 29
$60,001 to $70,000 June 5
$70,001 to $80,000 June 12
$80,001 to $90,000 June 19
$90,001 to $100,000 June 26
$100,001 to $110,000 July 3
$110,001 to $120,000 July 10
$120,001 to $130,000 July 17
