Some qualified taxpayers could receive their third stimulus payments as early as this weekend, White House press secretary Jen Psaki told a news conference on Thursday afternoon.
The checks are part of the $ 1.9 trillion American Rescue Plan (ARP) Act, sanctioned Thursday by President Joe Biden. The ARP also includes an extension of the main benefits of unemployment insurance and a more generous child tax credit, among many other provisions.
Those with direct deposit set up with the Internal Revenue Service (IRS) will receive their payments first. Taxpayers for whom the IRS does not have bank account information will wait a little longer to receive a paper check or prepaid debit card in the mail.
The government previously said payments could be sent by the end of the month. But given that the IRS already has account information for most recipients of the last two payments, the schedule has been postponed.
Individuals with adjusted gross income (AGI) below $ 75,000 are eligible for a total of $ 1,400. Couples filing a joint application must have an AGI below $ 150,000 to receive $ 2,800. Taxpayers will also receive $ 1,400 for each dependent.
Payments are based on 2019 or 2020 revenue, depending on when the taxpayer submits his 2020 income tax return.
To see how much you can qualify, use this calculator from the Grow personal finance website: