The Senate has passed a $ 1.9 trillion coronavirus relief bill, helping pave the way for millions of Americans to receive $ 1,400 in stimulus.
But the new controls will not be official until the House of Representatives and President Joe Biden give their final approval, which is expected to happen this week.
The proposed new direct payments are aimed at bringing the total money recently sent to Americans to $ 2,000, according to the amount Biden has promised the Americans.
“This plan will allow Americans in desperate need of help to start this month starting this month,” Biden said Saturday in response to Senate action.
Here’s what we know about these payments.
Who will be eligible for $ 1,400 checks
Full payments of $ 1,400 are expected to go to those with adjusted gross income of up to $ 75,000 for individuals, $ 112,500 for heads of households, and $ 150,000 for married couples filing jointly.
As with previous stimulus checks, payments are reduced for those with incomes above these thresholds.
This time, however, the Senate has called for the income levels at which payments are made to be reduced to zero.
Under these conditions, payments will be limited to individuals earning $ 80,000, heads of households with $ 120,000, and married couples earning $ 160,000.
Estimates indicate that the change could cause up to 12 million fewer adults to receive stimulus money.
Another notable change is that dependents of all ages will be eligible for payments. The above controls only include children under 17 years of age.
How long could the $ 1,400 payments come out
Stimulus checks printed at the Philadelphia Financial Center in Philadelphia.
Jeff Fusco | Getty Images
Biden said this week that stimulus checks should start coming out to millions of Americans this month.
This is in line with the expectations of experts.
Those who will be the first to get the money will be those who have the direct deposit bank account information already registered with the IRS.
These people could receive their money within two weeks of the end of the legislation.
Other payments by paper and debit checks are likely to arrive later, possibly in April and May.
What to do if you are still waiting for the above checks
Many readers have written there because they are still waiting for the $ 600 stimulus checks authorized in December, and in some cases they never received the first $ 1,200 sent last spring.
The good news is that the money is still available, in the form of a tax credit. But you must file a tax return to claim it. This happens even if you don’t normally show up because you have little or no income.
People with adjusted gross income of $ 72,000 or less can use the free IRS file, which will allow you to file your federal tax return for free online.
If your income exceeds $ 72,000, the IRS has free filing forms.
If you don’t have taxable income, but are looking to apply to claim your incentive check money using the Recovery Bonus Credit, the IRS recommends visiting their website for free information and tools.