Some Americans are already seeing the latest round of stimulus payments hit their bank accounts, as the first batch of funds is rolled out.The payments — worth up to $1,400 per person — were included in the $1.9 trillion COVID-19 relief package signed by President Joe Biden this week.The White House on Thursday had announced that payments would go out as soon as this weekend for those who have their direct deposit information on hand at Treasury and the Internal Revenue Service.Processing of the first batch of stimulus payments began on Friday and more will roll out in the "coming weeks," an official with the Treasury Department told reporters on a Friday call.While direct deposits will go out first, paper checks and prepaid debit cards will be sent out before the end of the month.People can check the status of their payments using the IRS' Get My Payment tool online.Meanwhile, Chase and Wells Fargo said eligible customers will start receiving payments on March 17, according to reports.No action is required for most people to receive the money. Social Security recipients and those who receive Veteran Affairs benefits should also receive the money automatically even if they don't file taxes.Who gets a payment and how much?The full $1,400 amount goes to individuals earning less than $75,000 of adjusted gross income, heads of households (like single parents) earning less than $112,500 and married couples earning less than $150,000.The payments gradually phase out as income goes up, and lawmakers narrowed the scope for this third round of payments so that not everyone who received a previous check will be sent one now.It cuts off at individuals who earn at least $80,000 a year of adjusted gross income, heads of households who earn at least $120,000 and married couples who earn at least $160,000 — regardless of how many children they have.But unlike prior rounds, families will now receive additional money for adult dependents over the age of 17. Families will receive an additional $1,400 per dependent, so a couple with two children could receive up to $5,600.The new income thresholds are based on a taxpayer's most recent return.The money is expected to reach about 90% of families, according to an estimate from the Penn Wharton Budget Model.
Some Americans are already seeing the latest round of stimulus payments hit their bank accounts, as the first batch of funds is rolled out.
The payments — worth up to $1,400 per person — were included in the $1.9 trillion COVID-19 relief package signed by President Joe Biden this week.
The White House on Thursday had announced that payments would go out as soon as this weekend for those who have their direct deposit information on hand at Treasury and the Internal Revenue Service.
Processing of the first batch of stimulus payments began on Friday and more will roll out in the "coming weeks," an official with the Treasury Department told reporters on a Friday call.
While direct deposits will go out first, paper checks and prepaid debit cards will be sent out before the end of the month.
People can check the status of their payments using the IRS' Get My Payment tool online.
Meanwhile, Chase and Wells Fargo said eligible customers will start receiving payments on March 17, according to reports.
No action is required for most people to receive the money. Social Security recipients and those who receive Veteran Affairs benefits should also receive the money automatically even if they don't file taxes.
Who gets a payment and how much?
The full $1,400 amount goes to individuals earning less than $75,000 of adjusted gross income, heads of households (like single parents) earning less than $112,500 and married couples earning less than $150,000.
The payments gradually phase out as income goes up, and lawmakers narrowed the scope for this third round of payments so that not everyone who received a previous check will be sent one now.
It cuts off at individuals who earn at least $80,000 a year of adjusted gross income, heads of households who earn at least $120,000 and married couples who earn at least $160,000 — regardless of how many children they have.
But unlike prior rounds, families will now receive additional money for adult dependents over the age of 17. Families will receive an additional $1,400 per dependent, so a couple with two children could receive up to $5,600.
The new income thresholds are based on a taxpayer's most recent return.
The money is expected to reach about 90% of families, according to an estimate from the Penn Wharton Budget Model.
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