Stimulus Checks Expected As Early as This Weekend
On Thursday, the White House confirmed that some Americans might start seeing their $1,400 stimulus checks as soon as this weekend.
This announcement was made just after President Joe Biden signed the approved $1.9 trillion American Rescue Plan. An estimated $450 billion of this plan is designated to go directly to American households, Yahoo! reports.
“This is, of course, just the first wave. Payments to eligible Americans will continue throughout the course of the next several weeks,” White House press secretary Jen Psaki said, as reported by Reuters.
The latest round of stimulus checks will be sent out to approximately 159 million households. Qualifying individuals will receive $1,400 plus an additional $1,400 per eligible dependent.
The IRS will determine eligibility based on your most recently filed tax return (either 2019 or 2020). Individual filers making $75,000 or less will receive the full $1,400 amount, CNBC reports. Filers earning more than $75,000 but less than $80,000 will receive a reduced amount. Filers earning $80,000 or more are ineligible for payments. Joint filers making $150,000 or less will receive $2,800, and those earning $160,000 or more are ineligible.
The $1,400 bonus per dependent has been extended to include college students and adult dependents, The Washington Post reports. Previous rounds of stimulus checks have only included payments for dependents 17 and younger.
Stimulus payments will be made using the direct deposit information you provided when filling out your last tax return. If you did not elect for direct deposit in 2019 or 2020, a paper check or prepaid debit card will be mailed to you.
The passing of the American Rescue Plan marks the first major legislative win for President Biden since taking office in January.
Before signing the bill, Biden said in a statement, “This historic legislation is about rebuilding the backbone of this country. And giving people in this nation, working people, middle class folks, the people who built this country — a fighting chance.”
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