The new congressional aid package includes stimulus checks valued at $ 1,400. Here’s the latest we know about these payments
The Senate passed a $ 1.9 trillion coronavirus relief bill that paves the way for millions of Americans to potentially receive $ 1,400 in stimulus checks.
However, the new controls won’t be official until the House of Representatives and President Joe Biden have given their final approval, which is expected to happen this week.
The proposed new direct payments aim to bring the total money recently sent to Americans to $ 2,000, the equivalent of a sum that Biden has promised Americans.
“This plan will bring checks out the door starting this month for Americans who are so desperate for help,” Biden said on Saturday in response to the Senate’s action.
Here’s the latest we know about these payments.
Who is Eligible for Checks for $ 1,400?
The full payments of $ 1,400 are said to be made to individuals with gross adjusted income of up to $ 75,000 for individuals, $ 112,500 for heads of household, and $ 150,000 for married couples filing together.
As with previous economic reviews, payments will be reduced for those with incomes above these thresholds.
This time, however, the Senate has called for the income level, at which the payments are staggered, to be reduced to zero.
Under these conditions, payments are capped at $ 80,000 for those earning an income, $ 120,000 for heads of household, and $ 160,000 for married couples.
It is estimated that changes could result in up to 12 million fewer adults receiving the stimulus money.
Another notable change is that loved ones of all ages are entitled to payments. Previous exams only included people under the age of 17.
How soon could the $ 1,400 payments run out?
Stimulus Checks printed at the Philadelphia Financial Center in Philadelphia.
Jeff Fusco | Getty Images
Biden said this week that the stimulus checks should go out to millions of Americans this month.
That corresponds to the expectations of the experts.
The first in line to receive the funds are those whose direct deposit account information is already on file with the IRS.
These people could get their money within two weeks of the legislation being finalized.
Other mailed debit card and check payments are likely to arrive later, possibly in April and May.
What to do if you are still waiting for past checks
Many readers have written because they are still waiting for the $ 600 stimulus checks approved in December and, in some cases, never received the initial $ 1,200 payments that were sent out last spring.
The good news is that the money is still available in the form of a tax credit. However, you will need to file a tax return in order to claim it. This also applies if you normally do not submit any documents because you have little to no income.
Individuals with gross adjusted income of $ 72,000 or less can use the free IRS file, which allows you to file your federal income tax return online for free.
If your income is more than $ 72,000, free-to-fill forms are available to the IRS.
If you do not have taxable income but would like to apply to receive your Stimulus Check money through the recovery discount credit, the IRS recommends visiting their website for information and documentation at no charge.