Finance

First $1,400 stimulus checks will go to those with direct deposit

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The IRS will be able to send money electronically for taxpayers who filed returns with direct deposit or bank account information. The government will send paper checks or debit cards to those households for which Treasury cannot determine a bank account.

The IRS will use information on 2020 tax returns to determine eligibility and check amount. The agency will use 2019 record for households that haven’t yet filed their taxes this year — including people who used the “non-filer portal” for previous rounds of payments.

The legislation offers full $1,400 payments to those with adjusted gross income of up to $75,000 for individuals, $112,500 for heads of…



Source cnbc.com

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