Your $1,400 Stimulus Check Could Arrive This Weekend
Your $1,400 Stimulus Check Could Arrive This Weekend
President Biden has signed a $1.9 trillion coronavirus relief bill and Utahns could receive their stimulus payments as early as this weekend
13 March, 2021, 18:27
The White House announced moments after President Joe Biden signed the $1.9 trillion American Relief Plan into law on Thursday that the first round of $1,400 stimulus payments will hit bank accounts this weekend.
About 85% of people will receive one of the $1,400 checks, Mr. Biden said on Friday.
Officials said in the interest of speeding up the relief payments, the IRS will use the latest tax return available, either the 2019 return filed a year ago or the 2020 return that is due by April 15.
The IRS has several options for people to file for free - and about 70% of Americans qualify for it.
The payments would amount to $1,400 for a single person or $2,800 for a married couple filing jointly, plus an additional $1,400 for each dependent child. We'll update this post when we know more.
Because of that issue, the IRS past year created a website specifically for non-filers, where they could provide their bank account information or addresses to the agency, as well as provide their number of dependents, who were each eligible for $500 in stimulus aid at the time. That includes anyone who used the IRS non-filers tool past year, or submitted a special simplified tax return.
This round of stimulus is limited to individuals earning up to $80,000 or couples making up to $160,000. The bank, Current, said customers were receiving their stimulus payments faster because some had updated their bank account information with the IRS when they filed their 2020 tax returns - and added that some accounts had received stimulus payments as high as $9,800. To ensure the website is verified, visit the IRS Free File online options website and explore which option will work best for you. And you could see that payment pretty fast! If the IRS received and processed a taxpayer's 2020 return, the agency will make the calculation based on that return instead.
If a person's job situation changed past year because of the pandemic, which led to millions of people losing jobs or being forced to work reduced hours, officials said that the IRS will adjust the size of the new impact payments after the 2020 return has been filed and provide a supplemental payment if that is called for.
About 90 percent of US households will be eligible for the latest round of stimulus payments, according to CNN. So that's either a 2019 federal return or your 2020 return if you've already filed.
For the CARES Act passed in March 2020, mixed-status households that included family members with different immigration or citizenship classifications were excluded from receiving payments.
However, this doesn't apply to people who get Social Security, SSDI, SSI, Railroad Retirement System or VA benefits and aren't required to file. It would also potentially unlock other tax benefits that those households otherwise might not have claimed, such as the Child Tax Credit or Earned Income Tax Credit, both of which were expanded in the American Rescue Plan.
What should you do if you're at or near the income threshold to receive a payment?
Farmingdale State College student DJ Molinari will be eligible to receive a stimulus payment for the first time. But as soon as they file their 2020 tax return with the lower income, the IRS will issue stimulus payment to them, IRS and Treasury officials said.
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