The Senate passed a $ 1.9 trillion coronavirus relief bill, helping to pave the way for millions of Americans to potentially receive $ 1,400 stimulus checks.
But the new checks will not be official until the House of Representatives and President Joe Biden give their final approval, which is expected to happen this week.
The proposed new direct payments aim to raise the total amount of money recently sent to Americans to $ 2,000, according to an amount that Biden promised Americans.
“This plan will take checks starting this month for Americans who are in desperate need of help,” Biden said on Saturday in response to the Senate action.
Here are the news about what we know about these payments.
Who will be entitled to checks for $ 1,400
Total payments of $ 1,400 are scheduled for those with an adjusted gross income of up to $ 75,000 for individuals, $ 112,500 for heads of households and $ 150,000 for couples who are filing jointly.
As with previous stimulus checks, payments are reduced for those with income above these limits.
This time, however, the Senate called for a reduction in income levels where payments are gradually reduced to zero.
Under these terms, payments will be limited to individuals with an income of $ 80,000, heads of households with $ 120,000 and married couples with $ 160,000.
Estimates indicate that the change could cause up to 12 million fewer adults to receive stimulus money.
Another notable change is that dependents of all ages can qualify for payments. Previous checks include only those under 17 years of age.
How soon could $ 1,400 payments go out
Stimulus checks printed at the Philadelphia Financial Center in Philadelphia.
Jeff Fusco | Getty Images
Biden said this week that stimulus checks are expected to start reaching millions of Americans this month.
This is in line with the experts’ expectations.
The first in line to receive the money will be those who already have their direct deposit bank account information on file with the IRS.
These people could receive their money within two weeks after the legislation is finalized.
Other payments by debit card and paper check sent by mail would likely arrive later, possibly in April and May.
What to do if you’re still waiting for previous checks
Many readers wrote because they are still waiting for the $ 600 stimulus checks authorized in December and, in some cases, never received the first $ 1,200 payments sent out last spring.
The good news is that the money is still available, in the form of a tax credit. But you need to file an income tax return to claim it. This is true even if you don’t normally file because you have little or no income.
People with $ 72,000 or less in adjusted gross income can use the free IRS file, which will allow you to file your federal income tax return for free online.
If your income exceeds $ 72,000, the IRS provides free forms for filing.
If you do not have taxable income, but would like to register the stimulus check money using the recovery refund credit, the IRS recommends visiting your website for free information and tools.