President Joe Biden signed $1.9 trillion in new coronavirus relief into law on Thursday, which means $1,400 stimulus checks could start to reach Americans in the coming days.
Payments should go to about 159 million households.
“People can expect to start seeing direct deposits hit their bank accounts as early as this weekend,” White House press secretary Jen Psaki said Thursday.
“Payments to eligible Americans will continue throughout the course of the next several weeks,” she said.
The checks will be a maximum of $1,400 per individual, or $2,800 per married couple, plus $1,400 per dependent.
Like past direct payments, this third round will be based on income.
The income limits for those to receive the maximum amount will remain the same. Individuals who earn up to $75,000 in adjusted gross income, heads of household with up to $112,500, and married couples who file jointly with up to $150,000 will get the full $1,400 per person.
This time, however, the amount phases out at a faster clip. Payments will be capped at $80,000 per individual, $120,000 for heads of household, and $160,000 for married couples. People at those adjusted gross income levels and above will receive nothing.
Consequently, fewer people will receive reduced payments this time around.
“If you got a full payment last time, you will get the full payment this time,” provided your income has not substantially changed, said Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy.
The $1,400 checks will generally be based on either 2020 or 2019 tax returns, depending on the most recent filings that have been processed by the IRS.
The government will also send payments to any non-filers it has on record.
Here’s a breakdown of who else may or may not receive money this time.
