Shortly after President Joe Biden sanctioned the $ 1.9 trillion coronavirus stimulus project on Thursday, Americans announced when they can expect to see their $ 1,400 payments.
White House press secretary Jen Psaki said that some people could start seeing direct deposits of their payments as early as this weekend, March 13 and 14.
Psaki said the IRS is “taking advantage of the lessons learned from previous rounds to increase the number of families that will receive electronic payments, which are substantially faster than checks”.
Although it took about two weeks for the first stimulus payments to come out through direct deposit last April, the second stimulus payments in December came out much faster. This project was sanctioned on December 27 and people started seeing direct deposits just two days later. On December 30, the IRS started sending paper checks to qualified people.
This time, it can be a little more challenging because the IRS is in the middle of a high tax season.
It is not yet known whether the IRS will reopen the Get My Payment tool so that people can monitor the delivery time of their payments or whether the Non-Filer tool will reopen so that people who normally do not file tax returns can give the agency their direct deposit information.
To get the full payout of $ 1,400, singles must have an adjusted gross income of $ 75,000 or less. Those who earn up to $ 80,000 would receive a partial payment, and above that amount, you would no longer be eligible. Couples who earn up to $ 150,000 are eligible for $ 2,800, and those who earn up to $ 160,000 would receive a partial payment. After that, you are no longer eligible. Families will also receive $ 1,400 for each dependent, regardless of their age, so this includes college students and older relatives who have not received the first two stimulus payments.
Payments will be based on your 2020 tax return, if you have already filed one, or the IRS will use your 2019 tax return if that is all that is available.
Use our updated stimulus calculator to see how much you can receive.
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Karin Price Mueller can be contacted at [email protected].