RICHMOND, Va. (WRIC) — People are already receiving $1,200 stimulus checks from the $2 trillion stimulus package.
Those who filed their taxes in 2018 or 2019 and gave the government their current direct deposit information will get their money first. Some in Richmond are already noticing cash landing into their bank accounts while others may have to wait longer.
Financial help can’t come soon enough for some. The IRS says most Americans making under $75,000 a year are guaranteed the $1,200, plus $500 for each dependent child under the age of 17.
If you filed your federal tax return within the last two years, 8News political analyst Rich Meagher explains you’re good to go.
“You shouldn’t have to do anything,” Meagher told 8News on Monday.
If you did not get your check or are claiming a dependent, you can now submit a separate IRS form to get your money faster.
“The process may take a bit longer and we don’t really know how long. The IRS is overwhelmed right now with processing this stuff,” Meagher said.
By the end of the week, the IRS will launch a web portal allowing people to track their incoming payments and add their bank account information. Meagher issued a warning to people waiting for their money.
“There are some folks out there trying to take advantage of some desperate people,” he explained. “Don’t fall for the payday lending, get your money now for a fee because that’s going to really cost you in the end.”
If you are collecting social security or disability benefits and are not claiming a dependent, you do not need to take any action with the IRS.
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