DETROIT (WXYZ) — It's a very important week for many Americans awaiting economic stimulus funds. An accountant tells us by staying informed, you can track your money and receive it sooner.
As Americans struggle to make ends meet during the coronavirus crisis, many are glad to see the IRS already making some of the first stimulus payments through direct deposit.
RELATED: 80 million to get stimulus checks by Wednesday, others will need to submit banking information
“A lot of people are off work," said Arthur, a resident from metro Detroit. "(They) don’t have money or food. I think it’ll help out tremendously.”
Accountant Eddie Rosenbaum says staying updated on progress the IRS is making is also very important.
“Months – I don’t think it’ll take. It may take a couple of weeks.” says Rosenbaum referring to the time it’ll take for checks to be mailed out.
According to IRS.gov, the agency is launching a new “Get My Payment” app within a week, to help people track the status of their payments.
Stimulus payments are automatic for taxpayers who filed returns in 2018 and 2019, and for most seniors and retirees. You can also soon enter in your banking information to speed things up.
STIMULUS PAYMENTS: “A lot of people are off work. No money or food. I think it’ll help out tremendously. We need it yesterday.” Metro Detroiters respond to stimulus money being issued & app soon to be released, to track payments. @wxyzdetroit @IRSnews #10PM #11PM pic.twitter.com/HcTOz7Cr6A
— Simon Shaykhet WXYZ (@simonshaykhet) April 14, 2020
“The process electronically is once they determine it’s OK to go, they push a button and it goes," Rosenbaum said. "The other way they have to write a check, put in an envelope and give to post office.”
Anyone earning up to $75,000 in adjusted gross income and who has a social security number, will receive $1,200. Married couples earning up to $150,000 will get $2,400 and there’s also up to $500 for eligible children. The payment steadily declines for those who make more.
The Michigan AG is also urging the federal government to exempt emergency stimulus payments from creditors looking to collect. She joins other AG’s from roughly 25 other states.
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