Stimulus checks: 85% of US households could get their payment as soon as this weekend
The majority of U.S. households are eligible for the $ 1,400 stimulus checks, and payments could be in their bank accounts as early as this weekend.
According to a tweet by the House Ways and Means Committee, around 85% of households can expect the third payment round to be paid directly into their account "this weekend". White House press secretary Jen Psaki said Thursday that payments are expected to be sent this weekend.
President Joe Biden signed the American Rescue Plan for $ 1.9 trillion Thursday afternoon. Around $ 450 billion of the legislation is slated to flow straight into Americans' wallets. This round of stimulus testing costs $ 1,400 per eligible person plus a $ 1,400 bonus per dependent. Around 158.5 million households are expected to receive a payment under the new economic agreement, Psaki said earlier.
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In addition to the direct payments, the American bailout plan includes expanding key unemployment programs, helping small businesses, around $ 350 billion for state and local governments, an increase in tax credits for low- and middle-income families, and $ 160 billion for a national one Vaccination and testing program. The bill also marks Biden's first major legislative gain since taking office in January.
Here's what you need to know about the third round of stimulus testing:
(Photo: Getty Creative)
Who gets a stimulus check?
According to the last amended bill, a single filer who earns up to $ 75,000 will receive full payment, while those who earn up to $ 80,000 will receive a reduced amount. Joint filers that earn up to $ 150,000 will receive the full $ 2,800, while those making up to $ 160,000 will receive a lesser amount. Previously, the exit thresholds were $ 100,000 for single applicants and $ 200,000 for joint applicants in the house version.
Eligibility is based on your most recent tax return and your adjusted gross income. For the third round of checks, the Internal Revenue Service will use your 2019 or 2020 tax return to determine whether you qualify for the direct payment.
Social Security Beneficiaries, Disability Insurance Beneficiaries, Supplementary Security Income Beneficiaries, Railroad Retirement Board Beneficiaries, and Veterans Administration Beneficiaries are eligible for payment even if they have not filed a 2019 or 2020 tax return.
Read More: Here's what Joe Biden's $ 1.9 trillion "rescue plan" says that could help your wallet
Eligible taxpayers who used the IRS non-filer tool for the first round of checks will be treated as tax returns and will also receive payments.
In addition, Americans who qualify for the stimulus payment and have loved ones will receive an additional $ 1,400 per loved one. Students, disabled adults and other dependent adults are now eligible to claim the bonus. Previously, parents or legal guardians could only claim the bonus for dependent children under the age of 17.
The deceased can also receive payment. Checks are made to all eligible taxpayers who were alive on January 1, 2021.
Who doesn't get a check?
United States President Joe Biden attends a bill signing that Vice President Kamala Harris sees in the Oval Office of the White House in Washington, DC on March 11, 2021. President Biden signed the $ 1.9 trillion COVID Facilitation Act at the event. (Photo by Doug Mills-Pool / Getty Images)
Individuals without a Social Security number and non-resident aliens - those who are not US citizens or US citizens and who do not have a green card or who have failed the Essential Attendance Test - are not eligible for direct payment.
Married taxpayers who jointly file when one spouse has a Social Security number and the other does not have a Social Security number will receive a payment of $ 1,400 in addition to $ 1,400 for each child with a Social Security number.
Taxpayers with individual tax identification numbers (ITIN) are not entitled to payments.
How will the government send you the stimulus check?
The IRS uses the direct deposit information you provided from the taxes you filed for 2019 or 2020.
You may be able to use the IRS non-filer tool to provide your information as you did the first round. However, so far the IRS has not announced whether this tool will be available when this stimulus bill is passed.
The tool was intended for eligible U.S. citizens or permanent residents who had gross income less than $ 12,200 in 2019 ($ 24,400 for married couples) and who did not need to file a federal tax return for 2019.
If you did not provide direct deposit information or the account provided is now closed, the IRS will send you a check or prepaid debit card instead.
If you haven't received a payment and believe you are eligible or have received the wrong amount, you can claim it on your 2021 tax return.
Do I get the dependent bonus for a newborn?
If you had a baby in 2021 and meet the remaining eligibility criteria, you can claim the additional $ 1,400 per child when you file your taxes for 2021.
If you had a child in 2020 and your return has been processed you should automatically receive the additional payment. If you have not yet submitted your 2020 taxes or they have not yet been processed by the IRS at the time of payment, you can claim the contingent bonus on your 2021 taxes
Do you have to repay the stimulus check?
No, you don't have to pay it back. It also doesn't reduce the refund you would otherwise get.
"No, there is no provision in the law that requires a payment to be repaid for economic impact," the IRS website said of the first round of checks.
If your income was down in 2020 compared to 2019, you may be eligible for the payment, or a higher payment if you have already filed your taxes and they have been processed by the IRS.
If your 2020 income is too much for your payment and you have not yet filed your 2020 taxes, you will not be responsible for paying back the difference.
Denitsa is a writer for Yahoo Finance and Cashay, a new personal finance website. Follow her on Twitter @denitsa_tsekova
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