Upcoming Stimulus Payments – Facts, Answers and How to Track It Now

Upcoming Stimulus Payments - Facts, Answers and How to Track It Now

On March 11, President Biden signed a historic $1.9 trillion Covid-19 economic relief package, but what does that mean for us?

Here are some quick things to know:

How do we receive payments?

  • For households who have already filed their income tax return for 2020, the IRS will use that information to determine eligibility and size of payments.
  • For households that haven’t yet filed for 2020, the IRS will review records from 2019 to determine eligibility and size of payment. That includes those who used the “non-filer portal” for previous rounds of payments.
  • For tax returns with direct deposit or bank account information, the IRS will be able to send money electronically. For those households for which Treasury cannot determine a bank account, paper checks or debit cards will be sent.

Direct Economic Payments:

  • Each individual receives up to $1,400.
  • Married couples receive up to $2,800
    • Up to an additional $1,400 for each qualifying child, including eligible adult dependents.

 

Find out when and how you'll get your payment by going here.

 

More Information:

American Rescue Plan

American Rescue Plan Fact Sheet

IRS Coronavirus Tax Relief Information

 

 

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