Now that the House of Representatives has passed the $1.9 trillion coronavirus stimulus bill, Americans are wondering when they will see their payments.
Before checks can be sent, the legislation, which calls for $1,400 payments for those who meet income requirements, must be signed by President Joe Biden. That is expected to happen on Friday, the president’s spokesperson said.
Some have pushed to have the bill signed into law before March 14, which is when current expanded unemployment benefits are set to expire. The new bill extends the expanded $300 payments through September.
Then it’s up to the IRS.
The White House said Monday that it hopes to see the payments sent out by the end of the month, but depending on when the bill is signed, it could happen quicker based on how fast the IRS distributed the second stimulus payment.
The second stimulus bill was signed into law on Dec. 27 and people started to see direct deposits just two days later. On Dec. 30, the IRS started to mail paper checks to eligible people.
It’s possible it will take a little longer this time because the IRS is in the throes of tax season.
The payments will be based on your 2020 tax return if you’ve already filed one, or the IRS will use your 2019 return if that’s all it has available.
To get the full $1,400 payment, singles need to have adjusted gross income of $75,000 or less. Those who earn up to $80,000 would get a partial payment and above that amount, you are no longer eligible. Married couples who earn up to $150,000 are eligible for $2,800, and those who earn up to $160,000 would get a partial payment. After that, you are no longer eligible. Families will also receive $1,400 for each dependent no matter their age, so it includes college students and older relatives who didn’t receive the first two stimulus payments.
Use our updated stimulus calculator to see how much you may receive.
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Karin Price Mueller may be reached at KPriceMueller@NJAdvanceMedia.com.
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