The Internal Revenue Service has announced that it will start the process of delivering the third round of stimulus payments this weekend. President Joe Biden signed a $1.9 trillion stimulus package into the law yesterday entitling every tax-paying individual to a $1400 check.
Taxpayers can expect to receive the very first batch of payments as early as this weekend through direct deposit. The next batches of payments will be done either through direct deposits, mail-in checks, or prepaid credit cards. These will be done in the coming weeks and some 158.5 million households are expected to receive the stimulus payments.
To receive these payments, the taxpayer is not expected to do anything since it is fully automated. They will be receiving their payments through the same channel they received their first and second round of stimulus payments. These payments will continue alongside the regular tax refunds according to the IRS commissioner Charles Rettig.
The IRS “Get my Payment” tool will also be going online for the people who want to know about their payment status and when they should be expecting it. To check your status on the “Get my payment” tool you will need to enter your social security number or Tax ID number, street address, and zip code. To file your tax returns, you will be needing information about the first and second round of stimulus payments for which you will need to open an IRS online account.
This round of stimulus checks will be based on the latest tax returns filed by the taxpayers and this time around the income limits were lowered. An individual with a $75000 per year income or a couple with $150000 will receive $1400 and $2800 respectively. Married couples with dependents will receive the full $1400 per dependent child. A partial payment will also be accessible for those earning $80000/$160000.
The Stimulus package also has subsidies for health insurance this time with workers who were laid off during this pandemic being allowed to stay on the employer health insurance with the government footing the bill for the premiums.
People who used the IRS non-filer tool or have given a simplified tax return will also be able to receive payments. People who are on social security and other federal programs will also be able to receive payments through their regular channels.
New taxpayers or people who are newly independent, parents with newborns, and retirees are also eligible for this round of stimulus payments.