White House press secretary Jen Psaki said that Americans will start seeing the next round of stimulus payments hit their bank accounts as early as this weekend. The payments are worth up to $1,400 per person and were included in the $1.9 trillion Covid relief bill signed by President Joe Biden earlier in the day.
Those whose bank information is on file with the Internal Revenue Service will likely get the money first, because it will be directly deposited into their accounts. Others may receive paper checks or prepaid debit cards in the mail. Families will receive an additional $1,400 per dependent, so a couple with two children could receive up to $5,600.
No action is required for most people to receive the money. Social Security recipients and those who receive Veteran Affairs benefits should also get the money automatically even if they don’t file taxes.
People can start checking the status of their payments on Monday using the IRS’s Get My Payment tool online.
“If folks don’t see a direct deposit in the next several days, there is no reason to be concerned. These taxpayers will receive payments in subsequent tranches,” an IRS official on the call said.
The payments go 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. But then the payments gradually phase out as income goes up.
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