WASHINGTON (Reuters) – Americans will see the first direct deposits of President Joe Biden’s $ 1.9 trillion COVID-19 aid package into their bank accounts this weekend, Treasury and IRS officials said on Friday. market.
A first installment of $ 1,400 stimulus payments was processed on Friday, with large additional batches of payments to be sent via direct deposits or by post as checks or debit cards in the coming weeks, officials said.
This means that a family of four earning up to $ 150,000 will receive $ 5,600. Unlike the first two payments, which were limited to minors under 17, this round of checks will also go to all qualified dependents, including college students, adults with disabilities, parents and grandparents, officials said.
They stressed that no action was required of taxpayers to receive payments, which will be based on the tax returns of 2019 or 2020, depending on which was the last submitted, or data provided to the IRS last year by non-taxpayers.
The IRS will also automatically send payments to those who normally do not file tax returns, but received Social Security and Railroad Retirement Council benefits, Supplementary Pension Income or Veteran benefits in 2020, they said.
“The goal is to get them out as soon as possible,” said one of the leaders.
As of Monday, taxpayers can log on to the Get My Payment tool here on the IRS website to check the status of these payments.
The authorities asked people to submit their tax returns electronically to facilitate the process, noting that they could also qualify for other compensation, including tax credits for children.
The Biden government said stimulus payments and other measures will boost economic growth and help Americans affected by the COVID-19 pandemic, which continues to claim 1,400 lives in the United States each day.
Almost 160 million American families will receive about $ 400 billion in direct payments of $ 1,400 per person, helping individuals who earn up to $ 75,000 annually and couples up to $ 150,000. Those who earn more, but less than $ 80,000 per individual or $ 160,000 per couple, will receive reduced amounts.
Authorities said they were coordinating with the Social Security Administration, other government agencies and financial institutions to avoid problems seen during the last round of stimulus payments, when checks were sent to thousands of deceased people.
“We have a series of controls in place to ensure that we check and observe how these payments are going,” said one of the employees.
Andrea Shalal reporting; Editing by David Gregorio