First US stimulus payments to hit bank accounts this weekend: Officials – tech2.org

First US stimulus payments to hit bank accounts this weekend: Officials


WASHINGTON (Reuters) – Americans will see the first direct deposits of President Joe Biden’s $ 1.9 trillion COVID-19 aid package into their bank accounts this weekend, Treasury and Tax Service officials said Friday. Internal

FILE PHOTO: US President Joe Biden attends an event announcing administration plans to double its order for the Johnson & Johnson one-shot coronavirus vaccine, earning 100 million doses Additional, in the South Court Auditorium of the White House in Washington, USA, March 10, 2021. REUTERS / Tom Brenner / File photo

A first tranche of stimulus payments of $ 1,400 was processed on Friday, with additional large batches of payments to be sent via direct deposit or by mail as checks or debit cards in the coming weeks, officials said.

That means a family of four making up to $ 150,000 will receive $ 5,600. Unlike the first two payments, which were limited to children under 17, this round of checks will also go to all qualifying dependents, including college students, adults with disabilities, parents and grandparents, officials said.

They stressed that the taxpayers did not require any action to receive the payments, which will be based on the 2019 or 2020 tax returns, depending on which was the last filing, or the data provided to the IRS last year by non-taxpayers.

The IRS will also automatically send payments to those who don’t normally file tax returns, but received Social Security and Railroad Retirement Board benefits, Supplemental Security Income or Veterans benefits in 2020, they said.

“The goal is to get them out as quickly as possible,” said one of the officials.

Starting Monday, taxpayers can log into the Get My Payment tool here on the IRS website to check the status of these payments.

Officials urged people to file their tax returns electronically to ease the process, noting that they may also qualify for other exemptions, including child tax credits.

The Biden administration said the stimulus payments and other measures will fuel economic growth and help Americans affected by the COVID-19 pandemic, which continues to claim 1,400 lives in the United States every day.

Nearly 160 million US households will receive about $ 400 billion in direct payments of $ 1,400 per person, helping people who earn up to $ 75,000 annually and couples up to $ 150,000. Those who earn more, but less than $ 80,000 per person or $ 160,000 per couple, will receive reduced amounts.

Officials said they were coordinating with the Social Security Administration, other government agencies and financial institutions to avoid problems seen during the latest round of stimulus payments, when checks were issued to thousands of deceased people.

“We have a series of controls to make sure that we verify and observe how those payments are being made,” said one of the officials.

Reporting by Andrea Shalal; Edited by David Gregorio

.

Source link