WASHINGTON (AP) – Along with daylight saving, this weekend could bring some Americans fatter bank balances.
Treasury and Revenue Service officials said Friday that processing of the new round of stimulus payments had already begun, with the goal of making the first payments appear in bank accounts over the weekend.
President Joe Biden on Thursday signed the new $ 1.9 billion bailout package, a day after it won the House final. The criterion provides for payments to qualifying individuals of up to $ 1,400, with payments to a qualifying family of four of $ 5,600.
“The payments will be automatically handed over to taxpayers even if the IRS continues with regular tax refunds,” IRS commissioner Chuck Rettig said in a statement.
It is estimated that 85% of Americans are eligible for the payments, and the goal is to pay out millions of the payments in the next few weeks.
The emergency relief measure, passed by the party lines in the House and in the Senate, contains the third round of payments for economic impact. The first round passed last spring yielded up to $ 2000 per individual, and a second round of payments in December up to $ 600 per individual.
The latest package was accepted without votes from Republicans, who objected to the size of the measure, arguing that it was not necessary, given signs that the economy was beginning to recover.
President Donald Trump, at the time, called the payments in the $ 900 billion bill passed in December too small and Biden agreed to push the total for an individual to $ 1,400 in the new package.
The latest redemption round will provide households with $ 1400 for each adult, child and adult, such as college students or elderly family members. Adult dependents could not receive payments in the previous two payment rounds.
Payments begin to decline for an individual as soon as the adjusted gross income exceeds $ 75,000 and goes to zero when the income reaches $ 80,000. The payment starts to decrease for married couples when the income is more than $ 150,000 and up to $ 160,000 zero.
Officials said people could check the “Get My Payment” tool on the IRS.gov website from Monday to track their own payments.
Taxpayers who have provided banking information to the IRS receive the direct deposit payments, while other paper checks or debit cards are sent to them.
Officials said the IRS will use the latest available tax return in the interest of speeding up relief payments, either the 2019 return filed last year or the 2020 return payable by April 15.
If a person’s work situation changed last year as a result of the pandemic, which resulted in millions of people losing their jobs or being forced to work hours, officials said the IRS will adjust the size of the new impact payments after the 2020 return has been submitted. and provide an additional payment if requested. Officials said the adjustments will be made automatically by the IRS for people who have already submitted their 2020 return.
Officials have said they want to handle the payments this way rather than wait for the 2020 tax return to be submitted in the interest of quick payments to taxpayers.