There are 1,400 stimulus checks on the way. Here are those who qualify

President Joe Biden signed $ 1.9 trillion on Thursday as a new coronavirus relief, meaning $ 1,400 stimulus control could begin reaching Americans in the coming days.

Payments are expected to go to about 159 million households.

“People can expect to start seeing direct deposits reach their bank accounts as early as this weekend,” White House press secretary Jen Psaki said Thursday.

“Payments to eligible Americans will continue for the next few weeks,” he said.

Checks will be a maximum of $ 1,400 per person or $ 2,800 per married couple, plus $ 1,400 per dependent person.

Like previous direct payments, this third round will be based on revenue.

Income limits for those receiving the maximum amount will be maintained. Individuals earning up to $ 75,000 in adjusted gross income, heads of households up to $ 112,500, and married couples jointly filing up to $ 150,000 will receive $ 1,400 per person.

This time, however, the amount is phased out in a faster clip. Payments will be limited to $ 80,000 per person, $ 120,000 for heads of households and $ 160,000 for married couples. People at these adjusted or higher gross income levels will not receive anything.

As a result, fewer people will receive reduced payments this time.

“If you got a full payment last time, you’ll get the full payment this time,” as long as your income hasn’t changed substantially, said Steve Wamhoff, director of federal tax policy at the Institute for Fiscal and Fiscal Policy.

Checks of $ 1,400 will generally be based on 2020 or 2019 tax returns, based on the most recent filings that the IRS has processed.

The government will also send payments to those who have not submitted records.

Below is a detail of who can receive money this time or not.

Payments of $ 1,400 will also go to eligible dependents. This time, it includes those over 17 years old.

The money will be sent to those adults who claim the dependents.

As with the previous checks, people will need a valid social security number in order to qualify.

Therefore, if you process your taxes with an individual taxpayer identification number or ITIN, you will not be able to meet the requirements.

For married couples where a spouse has a Social Security number and a spouse has an ITIN, only the spouse with the Social Security number will charge the payment. Your children will also qualify, as long as they have valid Social Security numbers.

“There were a lot of people who thought we just had to give the checks to everyone,” Wamhoff said. “This legislation takes an intermediate approach.”

People who were alive from January 1 will be classified.

People who have unpaid private debts (excluding outstanding child support payments or tax debts) could be at risk of garnishing their stimulus checks.

This is because lawmakers used a process known as budget reconciliation to approve the coronavirus relief package that limited its ability to avoid foreclosure of payments. However, banking and consumer trading groups have called for legislation to be monitored to change that.

If you do not receive a $ 1,400 payment or a reduced check, but your income changes, you may be able to claim the money due when you file your taxes next year.

“Any change, whether it’s a slight reduction in revenue or even putting more money into a traditional IRA or a 401 (k) could generate a much larger total payment when they make their taxes for 2021,” he said. say Garrett Watson, Tax Foundation Policy Analyst.

“There’s a subset of people who will be in this situation,” Watson said.

This also happens with this year’s tax filing season for people who missed previous payments of $ 1,200 or $ 600. You can claim a recovery bonus credit to recover the money you may have owed. This is also available for people who do not normally file tax returns because their income is too low.

The IRS website provides information on free presentation tools.