Economic stimulus checks are being prepared for printing at the Philadelphia Financial Center May in Philadelphia, Pennsylvania.
Jeff Fusco | fake images
A second batch of stimulus checks for $ 1,400 is scheduled to hit people’s bank accounts on Wednesday, March 24.
Those checks began processing on Friday and may be available in some accounts even earlier, according to the Treasury Department, the IRS and the Office of Tax Service, which announced the payments Monday.
The latest batch also includes a “large number” of mailed paper checks and prepaid debit cards, according to the agencies.
Individuals who do not receive a payment by March 24 via direct deposit should watch for a payment in the mail in the next few weeks.
The agencies did not specify how many checks are included in this second round of disbursements. The first round included around 90 million payments that totaled more than $ 242 billion.
“The IRS continues to send out the third round of stimulus payments in record time,” IRS Commissioner Chuck Rettig said in a statement.
This new round of stimulus controls was authorized by Congress and President Joe Biden earlier this month.
Payments include up to $ 1,400 per person, plus $ 1,400 per dependent child and adult.
Like the controls above, you must meet certain criteria to qualify.
Individuals with up to $ 75,000 in adjusted gross income will receive a full payment, as will heads of household with up to $ 112,500 and married couples filing jointly with up to $ 150,000.
This time, those payments are cleared faster and are capped at $ 80,000 for individuals, $ 120,000 for heads of household, and $ 160,000 for married couples.
If you’re waiting for a payment, you generally don’t need to do anything to get the money, the agencies said.
The IRS Get My Payment tool is available to check the status of payments.
Those who will automatically receive the money include those who have their information on file with the government through previous tax returns or who used the IRS non-taxpayer tool last year. People who receive federal benefits, such as Social Security, Supplemental Security Income, or Veterans Affairs, will also automatically receive the money.
Individuals who normally do not file tax returns and do not have their information on file with the government are encouraged to file a 2020 tax return to claim their payment. The IRS website provides more information on how to file federal tax returns for free.