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Stimulus payments will start going out this weekend

Americans will start seeing the next round of sti...

Posted: Mar 12, 2021 2:20 AM
Updated: Mar 13, 2021 6:45 AM

Americans will start seeing the next round of stimulus payments hit their bank accounts as early as this weekend, White House press secretary Jen Psaki said Thursday.

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.

The time frame is in line with how fast the December payments went out, which started being processed three days after then-President Donald Trump signed the bill.

But the payments won't all go out at once. 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.

The money typically first appears in bank accounts as pending or provisional payments. Some banks have told customers that funds that appear this weekend will be available starting Wednesday.

While the first batch of payments started to be processed Friday, more will roll out in the 'coming weeks,' a Treasury official said on a call with reporters Friday.

Direct deposits will go out first, but paper checks and debit cards will go out before the end of the month.

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.

Who gets a payment?

The money is expected to reach about 90% of families, according to an estimate from the Penn Wharton Budget Model. Families will receive an additional $1,400 per dependent, so a couple with two children could receive up to $5,600. Unlike prior rounds, families will now receive the additional money for adult dependents over the age of 17.

The full amount goes 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.

Lawmakers narrowed the scope of the payments this time so that not everyone who received a previous check will be sent one now. It cuts off individuals who earn at least $80,000 a year of adjusted gross income, heads of households who earn at least $120,000 and married couples who earn at least $160,000 -- regardless of how many children they have.

The first round of payments that went out last year were worth up to $1,200 and excluded individuals who earned at least $99,000, head of household filers with one child who earned more than $136,500 and married couples without children earning more than $198,000 -- but families earning a little more were still eligible if they had children. About 160 million payments were delivered, with 94% of families receiving the money.

The second round, which was worth up to $600, phased out a little faster because the full amount was smaller. It phased out entirely at $87,000 for single filers without children and $174,000 for those married filing jointly without children. Again, those earning a little more were still eligible if they had children. About 158 million payments went out, with 92% of families receiving them.

On what year are the income limits based?

The new income thresholds will be based on a taxpayer's most recent return. If they've already filed a 2020 return by the time the payment is sent and it has been processed, the IRS will base eligibility on their 2020 adjusted gross income. If not, it will be based on the 2019 return or the information submitted through an online portal set up last year for people who don't usually file tax returns.

At this time, the IRS does not have plans to reopen the portal. Instead, officials are encouraging people to file 2020 tax returns. Low-income people can use the agency's free file option.

If your 2019 income was less than your pay in 2020, you will not owe back any money. But if your income fell in 2020, filing your tax return now -- before the payments go out -- may mean you'll get a bigger check.

Most people receive the payments automatically, but there are many who missed out -- for a variety of reasons. An estimated 8 million eligible people didn't get the first round of payments that were delivered last year.

Many of these people have very low incomes and are not normally required to file tax returns. Last year, the IRS set up an online portal where they could register for the money. It's not yet clear whether the agency will open up the portal again for the third round of payments.

People who have moved or changed bank accounts since the last time they filed tax returns may have also missed out.

Those who were due money during the first two rounds of payments and did not receive it can claim it as a tax credit, known as the Recovery Rebate Credit, on their 2020 tax returns.

This story has been updated with additional details.

Oregon Coronavirus Cases

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Cases: 189162

Reported Deaths: 2514
CountyCasesDeaths
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Washington25097229
Marion21585304
Clackamas16908209
Lane12676145
Jackson10649132
Deschutes846573
Umatilla812184
Linn473067
Yamhill436875
Klamath421861
Polk367852
Malheur349061
Josephine329068
Douglas320570
Benton300019
Jefferson215033
Coos204232
Columbia168526
Union143923
Lincoln136720
Wasco136428
Hood River117430
Morrow109815
Crook104520
Clatsop9668
Baker93814
Curry6409
Tillamook6323
Grant5014
Lake4437
Harney3338
Wallowa1805
Sherman581
Gilliam571
Wheeler261
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California Coronavirus Cases

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Cases: 3753173

Reported Deaths: 62154
CountyCasesDeaths
Los Angeles123474623977
Riverside2988724576
San Bernardino2963244677
San Diego2773233716
Orange2705694992
Santa Clara1186982084
Kern1088871367
Sacramento1040581670
Fresno1014911680
Alameda874071541
Ventura808121011
San Joaquin727841384
Contra Costa68279803
Stanislaus617761053
Tulare49514837
Monterey43506381
San Mateo41755567
San Francisco36577543
Santa Barbara34261453
Solano32698249
Merced31701454
Sonoma29951318
Imperial28295720
Kings22933246
Placer22532290
San Luis Obispo21243260
Madera16423242
Santa Cruz16062207
Marin14009228
Yolo13846209
Shasta12042226
Butte11907198
El Dorado10073111
Napa983381
Sutter9398111
Yuba621344
San Benito604663
Lassen569624
Tehama554558
Nevada467175
Tuolumne411564
Mendocino405948
Humboldt391539
Amador365047
Lake345843
Glenn238025
Colusa222416
Siskiyou215122
Calaveras211153
Inyo142538
Del Norte13637
Mono12794
Plumas7046
Modoc4944
Mariposa4457
Trinity3995
Sierra1120
Alpine880
Unassigned450
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