Over 80mn Americans to receive tax rebates directly in their accounts in 24 hrs

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Over 80mn Americans to receive tax rebates directly in their accounts in 24 hrs

Single filers can get $1,200 and joint filers $2,400, though it phases out for higher incomes

Tuesday April 14, 2020 10:45 AM, IANS

Washington: More than 80 million Americans would see their tax rebates directly hit their bank accounts by Wednesday, the Treasury Department has said.

"This administration is delivering fast and direct economic assistance to hardworking Americans, and we hope these payments will bring them much-needed relief," Treasury Secretary Steven Mnuchin said in a statement on Monday.

Many Americans were expected to receive the economic impact payments under the stimulus law approved by President Donald Trump in March to cushion the economy from the impact of the COVID-19 pandemic.

Those who have submitted direct-deposit information to the Internal Revenue Service (IRS) through their tax returns should get the money first.

According to the Treasury Department, single filers can get $1,200 and joint filers $2,400, though it phases out for higher incomes.

Non-filers would receive their money faster by using the "Non-Filers: Enter Payment Info Here" web portal and entering their bank account information, Mnuchin said.

Social security beneficiaries and railroad retirement recipients do not have to do anything, and the payment will be directly deposited in their bank accounts, he added.

As of Tuesday, US has reported 582,607 confirmed coronavirus cases, with 23,628 deaths, making it the country with the world's highest number of infections and fatalities, according to a tally from Johns Hopkins University.

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