Stimulus checks to be deposited within weeks

With checks expected to begin being mailed out within a couple of weeks, there may be questions on who will qualify for one, how much you will receive, and when you will see one arrive

Posted: Apr 4, 2020 4:34 AM

MASON CITY, Iowa - We are just days away from people receiving some of the first stimulus checks.

As you'll recall, the checks are part of the "CARES Act" that was passed last week, and it's meant to provide you a little financial relief, with the first checks expected to be deposited beginning April 15th.

But you might have questions on when you will receive one, who qualifies for a check, or how much you will receive.

CPA Chad Harrison has fielded many questions about the checks, including if it will affect you next tax season.

"For instance, if someone were gettting a $1,000 refund, they would get that. But then there's an additional credit on next year's return that the government is now advancing, for this amount."

In addition, he's followed some of the changes that have taken place with the plan, and those that are on Social Security if they will receive a check.

"The IRS passed their guidance, and said, 'we're not going to do that, you'll have to file a simple tax return and give us that information.' And I think under the pressure from the White House, that changed again. All of a sudden, now it's going to be based off of your Social Security information."

Checks will be prioritized by income level; taxpayers earning less than $10,000 are expected to have checks delivered April 24th, while those earning $20,000 or less will have them May 1st.

Minnesota Coronavirus Cases

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