Fresno, California 2021-03-17 14:05:53 –
This could cover more than half of the households eligible for this third payment, which was included in the $ 1.9 trillion Covid bailout bill that President Joe Biden signed the law within a week. There is.
Authorities said most of this initial payment would be sent directly via deposits and all those recipients would have access to the funds on Wednesday.
The government also mailed about 150,000 paper checks.
In the coming weeks, more payments will be made through direct deposits, paper checks and prepaid debit cards.
Most people do not need to take any action to receive the money. Social security recipients and veterans’ benefits also need to receive money automatically without having to file a tax return.
People can use the IRS Get My Payment tool online to check the status of their payments.
Who will receive the payment?
According to the White House, payments are worth up to $ 1,400 per person and are expected to reach 85% of households.
Families receive an additional $ 1,400 per dependent, so couples with two children can receive up to $ 5,600. Unlike previous rounds, families will receive additional money for adult dependents over the age of 17.
In full, individuals with total adjusted income of less than $ 75,000, heads of household (such as single parents) earn less than $ 112,500, and couples earn less than $ 150,000. But then, as income grows, payments are gradually phased out.
This time, lawmakers have narrowed the scope of payments so that not everyone who receives a previous check will be sent right away. Block individuals who earn more than $ 80,000 annually adjusted total income, heads of households who earn more than $ 120,000, and couples who earn more than $ 160,000, regardless of the number of children.
How many years is the income limit based?
The new income threshold is based on the taxpayer’s latest earnings. If you have already filed your 2020 tax return by the time your payment is submitted and processed, the IRS will qualify you based on your 2020 adjusted total income. If not, it will be based on the 2019 tax return or information submitted through the online portal set up last year for those who normally do not file tax returns.
If your income in 2019 is less than your wages in 2020, you are not obliged to repay the money. However, if your income declines in 2020, you may get a larger check if you file your tax return now before the payment is complete.
Reach the people who need it most
Most people receive payments automatically, but many miss it for a variety of reasons. An estimated 8 million eligible people did not receive the first payments offered last year.
Many of these people have very low incomes and usually do not need to file a tax return. Last year, the IRS set up an online portal where they could register their money.
At this time, the IRS has no plans to reopen the portal. Instead, authorities are encouraging people to file their tax returns for 2020. Low-income earners can use the agency’s free file option.
Third stimulus check update: IRS says about 90 million payments deposited into bank accounts Source link Third stimulus check update: IRS says about 90 million payments deposited into bank accounts