First wave of stimulus checks deposited earlier than expected

Keep an eye on your bank accounts

YUMA, Ariz. (KYMA, KECY) - Tens of millions of Americans will get coronavirus stimulus payments by this Wednesday, according to the IRS

The first payments were deposited Friday night, earlier than many expected.

[Related: Many Americans won't get coronavirus checks]

The Trump administration has told congress the first wave of payments would be to people who filed tax returns in 2019 or 2018 and received funds via direct deposit.

The treasury is expected to start making payments to social security recipients later this month, with paper checks going out starting early May.

The IRS says it is in the process of developing a web portal where people can check the status of their payment. This is expected by April 17.

The website will also have a feature where you can enter your bank account information if the IRS doesn't have it from a 2018 or 2019 refund.

As a reminder, the tax return deadline has been extended to July 15th due to the coronavirus pandemic.

Under the economic relief package, individuals are due up to $1,200 and couples will receive up to $2,400 — plus $500 per child. 

But reports say payments phase-out for individuals with adjusted gross incomes of more than $75,000. The amount will then be reduced by $5 for every additional $100 of adjusted gross income.

Those making more than $99,000 will not receive anything. Income thresholds are doubled for couples.

Visit www.irs.gov/coronavirus for updates and information on the portal.