CAPE CORAL, Fla – Tuesday, Fox 4 told you 80 million Americans are expected to receive stimulus checks this week. The Treasury Department now says, they’ll have that money by Wednesday. You’ll also have access to a new online web tool sooner than expected.
Another big question many of you've had is whether you’ll have to repay your relief check. As many wait for checks to arrive, there have been videos and online reports claiming that you'll have to do so. This is not true.
The IRS said that the 2020 tax form has not been printed, but the relief checks will not have any bearing on your income deductions next year.
The Treasury Department said those who do not receive checks by Wednesday need to enter their banking information to the IRS if they want their check via direct deposit. Paper checks are expected to take much longer.
That online tool we told you about that the IRS said would be launched by Friday, will now be available Wednesday. That's where you can enter this information. And it should also help you track the status of your check.
Below are details regarding who’s eligible for stimulus checks:
$2,400 – Couples earning less than $150,000 a year (couples earning $150,000 - $198,000 will receive a prorated check).
$1,200 – Individuals earning less than $75,000 a year (individuals earning $75,000 - $99,000 will receive a prorated check).
$500 - Each dependent child age 16 or under as of Dec. 31, 2019 (for qualifying individuals and couples).