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 Fact Sheet
IRS Coronavirus Tax Relief Information
