A provision of the $2.2 trillion coronavirus relief package approved last month
will spread $250 billion in one-time direct payments across most households. Individuals with adjusted gross incomes (line 7 on your 2018 tax return) of up to $75,000 a year will receive $1,200, and married couples earning up to $150,000 will receive $2,400. The checks will shrink as incomes grow to no more than $99,000 for individuals and $198,000 for couples.
How will you receive it?
For eligible recipients who filed a tax return in 2018 or 2019, the IRS says the economic impact payment will be deposited directly into the same banking account that is reflected on the return. If you do not have direct deposit, a paper check will eventually be sent by mail to the address that is on your tax return, but that could take several weeks, even months.
Warning from the IRS (April 6):
In most cases, the IRS will deposit economic impact payments into the direct deposit account taxpayers previously provided on tax returns. Taxpayers who have previously filed but not provided direct deposit information to the IRS will be able to provide their banking information through a newly designed secure portal www.irs.gov in mid-April. If the IRS does not have a taxpayer's direct deposit information, a check will be mailed to the address on file.
More helpful information: https://grow.acorns.com/how-to-get-your-coronavirus-stimulus-check-fast/
