The stimulus money promised by the American Rescue Plan will reach the bank accounts of many Americans on Wednesday – the first official payment date – although some financial institutions have chosen to make the money available to people before it even arrives from the government.
Not everyone eligible to receive a payment will receive it on Wednesday. Additional rounds of payments will be made in the coming weeks, including for people who will receive their payments by mail by check or debit card. You can check the status of your payment with the Internal Revenue Service’s Get My Payment tool.
Payments amount to US $ 1,400 per person, including children and dependent adults. To qualify for a total of $ 1,400, a single person must have an adjusted gross income of $ 75,000 or less. For heads of households, the adjusted gross income must be $ 112,500 or less, and for couples applying together, that number must be $ 150,000 or less. Partial payments are available for people who earn more, but the values fall quickly.
Payments are calculated based on the most recent information recorded with the IRS, which can be your 2019 income tax return, if you have not already done so.
If you are recently eligible for a payment based on your 2020 revenue, but have not yet submitted your return, the law allows the Treasury Department to continue payments until September. If you do not receive one during this period, you can claim what you owe by filing your 2021 taxes.