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Stimulus checks approved: How much will you get and when will you get it?
WASHINGTON (NEXSTAR) — Congress gave final approval Wednesday to a landmark $1.9 trillion COVID-19 relief bill that will send $1,400 direct payments to most Americans.
With passage in the House, the measure heads to President Joe Biden’s desk and is expected to be signed Friday. The bill represents Democrats’ effort to bridle the catastrophic pandemic and revive the enfeebled economy. The Senate passed the measure over unanimous Republican opposition four days ago.
With the deal done, here are two big questions related to stimulus payments on the minds of Americans:
How much money will I get?
The $1.9 trillion legislation package provides a direct payment of $1,400 for a single taxpayer, or $2,800 for a married couple that files jointly, plus $1,400 per dependent. Individuals earning up to $75,000 would get the full amount, as would married couples with incomes up to $150,000.
The size of the check would shrink for those making slightly more, with a hard cut-off at $80,000 for individuals and $160,000 for married couples.
Biden estimates that 85% of Americans will be eligible for the payment. Some groups that were not eligible for prior payments — such as dependent college students and disabled adults — are now eligible.
The American Rescue Plan calculator created by Jasmine Mah, a web developer for Omni Calculator, will figure out what your Economic Impact Payment will look like based on your tax filing status, number of dependents, adjusted gross income and whether or not you filed taxes in 2019 or 2020.
U.S. residents with a social security number can qualify for a stimulus check, however, certain people who didn’t file taxes recently may still receive a payment.
Mah updates the tool as new developments arise in Washington, D.C., but says some users experiencing an exceptional situation to which the calculator is not applicable can find guidance in the tool’s FAQs or in the bill itself under 2021 Recovery Rebates to Individuals.
When will I get the money?
It’s possible some people connected to the IRS through direct deposit could see payments as soon as next week.
With two rounds of checks already going out since the beginning of the pandemic, the Treasury Department already has the process and workflow in place to distribute relief payments. Based on the last round of $600 checks, it’s likely funds could go out in a matter of days. However, this will be the first time money has been distributed under the Biden administration.
The new president has been willing to commit to the idea of payments starting this month.
“That means the mortgage can get paid. That means the child can stay in community college. That means maintaining the health insurance you have,” Biden said. “It’s going to make a big difference in so many lives in this country.”
White House Press Secretary Jen Psaki said earlier this week the administration is doing everything in its power to expedite payments. As such, the Treasury is working to get more payments to taxpayers by direct deposit. The agency will be able to send direct deposit payments to those who have their information on file from 2019 or 2020 tax filings or who provided it through other programs.
Stimulus checks approved: How much will you get and when will you get it?
WASHINGTON (NEXSTAR) — Congress gave final approval Wednesday to a landmark $1.9 trillion COVID-19 relief bill that will send $1,400 direct payments to most Americans.
With passage in the House, the measure heads to President Joe Biden’s desk and is expected to be signed Friday. The bill represents Democrats’ effort to bridle the catastrophic pandemic and revive the enfeebled economy. The Senate passed the measure over unanimous Republican opposition four days ago.
With the deal done, here are two big questions related to stimulus payments on the minds of Americans:
How much money will I get?
The $1.9 trillion legislation package provides a direct payment of $1,400 for a single taxpayer, or $2,800 for a married couple that files jointly, plus $1,400 per dependent. Individuals earning up to $75,000 would get the full amount, as would married couples with incomes up to $150,000.
The size of the check would shrink for those making slightly more, with a hard cut-off at $80,000 for individuals and $160,000 for married couples.
Biden estimates that 85% of Americans will be eligible for the payment. Some groups that were not eligible for prior payments — such as dependent college students and disabled adults — are now eligible.
The American Rescue Plan calculator created by Jasmine Mah, a web developer for Omni Calculator, will figure out what your Economic Impact Payment will look like based on your tax filing status, number of dependents, adjusted gross income and whether or not you filed taxes in 2019 or 2020.
U.S. residents with a social security number can qualify for a stimulus check, however, certain people who didn’t file taxes recently may still receive a payment.
Mah updates the tool as new developments arise in Washington, D.C., but says some users experiencing an exceptional situation to which the calculator is not applicable can find guidance in the tool’s FAQs or in the bill itself under 2021 Recovery Rebates to Individuals.
When will I get the money?
It’s possible some people connected to the IRS through direct deposit could see payments as soon as next week.
With two rounds of checks already going out since the beginning of the pandemic, the Treasury Department already has the process and workflow in place to distribute relief payments. Based on the last round of $600 checks, it’s likely funds could go out in a matter of days. However, this will be the first time money has been distributed under the Biden administration.
The new president has been willing to commit to the idea of payments starting this month.
“That means the mortgage can get paid. That means the child can stay in community college. That means maintaining the health insurance you have,” Biden said. “It’s going to make a big difference in so many lives in this country.”
White House Press Secretary Jen Psaki said earlier this week the administration is doing everything in its power to expedite payments. As such, the Treasury is working to get more payments to taxpayers by direct deposit. The agency will be able to send direct deposit payments to those who have their information on file from 2019 or 2020 tax filings or who provided it through other programs.
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