Americans making less than $75,000 per year will soon see a boost to their banking account as the federal government begins issuing the latest round of IRS stimulus payments.
The payments are part of a $1.9 trillion financial package with the aim of providing relief to Americans suffering financially due to the ongoing COVID-19 pandemic. The “American Rescue Plan Act” is the third round of stimulus checks.
Several United States taxpayers are already seeing the $1,400 stimulus payment enter their accounts via direct deposit. The payments are part of President Joe Biden’s stimulus law, signed into effect earlier this week. In a statement made Friday, the Internal Revenue Service (IRS) says U.S. citizens can begin tracking their payments on the IRS website. Using the “Get My Payment” portal on the site, payment tracking will be available starting on Monday.
Stimulus Payments Arriving Via Direct Deposit, Debit Card or Check
According to an IRS press release, a vast majority of these stimulus payments will arrive via direct deposit. Other options include receiving payment via check or debit card. Payments are automatic and, in most cases, no action needs to be take to receive funds. With tax season now upon us, IRS Commissioner Chuck Rettig says the stimulus bill provides much-needed hope to struggling Americans.
“Even though the tax season is in full swing, IRS employees again worked around the clock to quickly deliver help to millions of Americans struggling to cope with this historic pandemic,” he says. “The payments will be delivered automatically to taxpayers even as the IRS continues delivering regular tax refunds. We urge people to visit IRS.gov for the latest details on the stimulus payments, other new tax law provisions, and tax season updates.”
Single individuals earning up to $75,000 in adjusted gross income qualify for the full amount, according to Business Insider. Couples making up to $150,000 are eligible for the full amount. Individuals earning more than these amounts are eligible for a smaller payment amount. Individuals earning more than $80,000 or joint filers earning more than $160,000 are not eligible for stimulus payments.
Former President Donald Trump and his administration presided over two previous stimulus bills. The first round of payments saw Americans receive $1,200, while a second round issued $600 payments.