If you’re among millions of Americans still awaiting the next round of stimulus checks, the IRS has finally given a date for the next round of 2021 payments.
Mucked by bureaucracy and an understaffed, overworked IRS, 2021’s rounds of stimulus checks have yet to make their way to many who need them most. Yet Monday comes with a glimmer of good news, as the IRS notifies major news outlets of another batch for this year’s stimulus payments.
As for when to expect the money: checks are scheduled to start arriving by Wednesday, March 24.
In short: If you’ve yet to receive your 2021 stimulus courtesy of the Biden Administration, the IRS is sending out another round right now.
Direct deposit checks began processing this past Friday. And according to a joint news release from the IRS, Treasury Department, and Bureau of the Fiscal Service, these direct deposit stimulus checks will be “available” to Americans by this Wednesday.
This latest round will also include both paper checks and pre-paid debit cards, the IRS states. As such, each agency is urging people to “watch the mail carefully,” Fox Business cites. Sage advice, as the envelopes these checks and debit cards mail-in are of a plain, white nature, and easily mistaken for junk mail or typical bills.
Despite the delay for many Americans, “the IRS has already delivered checks to 90 million Americans. The initial payments totaled more than $242 billion and went mostly to eligible taxpayers who provided direct deposit information on their 2019 or 2020 returns,” Fox Business continues.
It is unclear, however, how many people can expect a stimulus check from this week’s round.
Are You Eligible for the 2021 Stimulus Check?
According to the act brought into law by President Biden, these $1,400 stimulus payments are available to “almost everyone” who received the first rounds in 2020.
As part of the $1.9 trillion “American Rescue Plan,” an individual with the gross income of $75,000 or less is eligible for 2021’s full $1,400 stimulus.
For couples filing jointly, the income cap is set at $150,000. If both individuals make less than this threshold together, than each is eligible for the full $1,400.
In addition, if you file as head of household on your taxes and make $112,500 or less, you will also receive the full payment.
If an individual makes over $80,000 per year outside of this circumstance, however, then they will not receive a stimulus check. The same stands for couples earning $160,000+.
Single-filing earners who sit between $75,000 and $80,000 will still receive a check, but theirs will “phase out” into smaller amounts the closer their earnings are to the cutoff ($80,000). The same stands for joint-filing couples who sit between $150,000 and $160,000. Similarly, phaseout for head of household filers begins at $112,500 and ends with $120,000.
Regardless, experts say that all Americans should file their taxes as soon as possible. To check the status of your payment, you may use the IRS’s Get My Payment tool.
As with all other stimulus checks, the first Americans to receive their payments will be those with direct deposit. Specifically, those who have set up direct deposit for their taxes with the IRS. Following these individuals will be those receiving paper checks and pre-paid debit cards.