President Joe Biden had signed $1.9 trillion in new coronavirus relief into the law on Thursday and it means $1,400 stimulus checks could be start to reach the Americans in the coming few days.
Payments should go to around 159 million households.
“People can expect to start by seeing direct deposits which hit their bank accounts as early as they can this weekend,” White House press secretary Jen Psaki had said this on Thursday.
“Payments to this have been eligible to many Americans which will continue throughout the course of the next few weeks,” she said.
The checks will be a maximum of $1,400 as per individual, or $2,800 per every married couple, plus $1,400 as per dependent.
Like past direct payments there is this third round will be based on the income.
The income limits for those which have to receive the maximum amount will remain to the same. Individuals who wants to earn up to $75,000 in the adjusted gross income and the heads of household with up to $112,500, and with the married couples who will file jointly with up to $150,000 will get the full as $1,400 per person.
The most recent round of the stimulus that will come from the IRS which will end December 31 of the year 2021.
Those who need to sign up only which have to one month left to do so.
Payments who wants to go out to those has deemed eligible until the deadline who set by Congress.
Some people had their income drop from the year 2019 to the year 2020.
Some people may have to have another child or have to see their income fall to a different threshold between the year 2019 and the year 2020. This means that maybe that they weren’t eligible for that third check but now they are.
This works has the same for anyone that they may have to add a disabled or the elderly dependent during the year 2020.
How do I claim the money?
To claim that you need to file a federal tax return.
This payment has to be sent separately from your 2020 tax refund and has to be sent within the two weeks of your processed return.
About 165 million payments were sent out with the 500,000 being direct deposits.