The Internal Revenue Service announced on Saturday that the first set of stimulus payments were deposited into some Americans’ bank accounts. Millions can expect to receive their payment in the next coming weeks as part of the CARES Act.
However, many individuals between the ages of 17 and 24 are not eligible to receive a stimulus payment.
Although taxpayers may claim those who are under the age 19 or a full-time student under the age of 24 as a dependent on their taxes, the CARES Act stipulates that only taxpayers with dependents under the age of 17 will receive an additional $500. This means that high school and college students who are claimed as a dependent and between the ages of 17 and 24 will not be eligible for a stimulus check.
Furthermore, senior citizens and disabled people who are claimed as dependents by their children or someone else will not be eligible.
For those who are not required to file a 2018 or 2019 tax return, the IRS set up a non-filer web portal for individuals to provide their banking information.
The IRS is planning to launch “Get My Payment” portal by April 17 for taxpayers to check the status of their payment and update their direct deposit information.
Individuals should try to update their banking information through the IRS portal to receive their stimulus payment quicker. Paper checks will be issued at a rate of about 5 million per week starting the week of May 4. Distribution will be based on adjusted gross income and begin with the lowest-incomes.