Stimulus payments could be deposited in bank accounts as early as next week, Baldwin says
WISCONSIN (CBS 58) -- Federal lawmakers are providing more insight about when American families can expect to see the federal payments they've been promised.
Stimulus checks are a key component of the $2.2 trillion COVID-19 economic relief package President Donald Trump signed that is being dubbed "The CARES Act."
People could see the stimulus payments deposited in their bank accounts as early as next week if they filed tax returns for 2018 or 2019 and the federal government has their direct deposit information, according to U.S. Sen. Tammy Baldwin.
"I don't know if they can press a button and do it for a couple hundred million at once or whether they have to sort of do it gradually over time. But next week is what we're hearing," Baldwin said Friday.
Individuals with an annual income of up to $75,000 who filed tax returns for either 2019 or 2018 will receive $1,200. Married couples with a combined household income of up to $150,000 will receive a $2,400 payment. They will receive an additional 500 dollars for each dependent child under 17 years old.
Individuals making more than $75,000 but less than $99,000 are eligible to receive slower stimulus checks, as are married couples who make a combined annual of income of more than $150,000 but less than $198,000.
Find out if you're eligible for stimulus payments here.
Baldwin said it will likely take longer than a week to see the stimulus checks for people who receive Social Security benefits and don't file tax returns, people who don't have bank accounts and people who have changed addresses. There will also be challenges in getting stimulus checks to people who are homeless, but Baldwin said they are eligible.
She said there are still some "kinks" that need to be worked out. For example, dependent children older than 16 years old currently don't qualify for the $500 payments.
"Colleges have closed. Children have moved back home. They're not qualifying for the $500, and we have to fix that. That'll have to be fixed legislatively," Baldwin said Friday.
She said Congress is currently working on another COVID-19 relief package.
The Internal Revenue Service has also created a new online tool where non-filers can answer a few questions in order to get their stimulus payments. Go to the IRS' website and find "Non-Filers: Enter Payment Info Here."