The Senate passed a $ 1.9 trillion coronavirus relief bill, helping pave the way for millions of Americans to receive $ 1,400 worth of stimulus checks.
But the new controls won’t be official until the House of Representatives and President Joe Biden give their final approval, which is expected to happen this week.
The proposed new direct payments are aimed at bringing the total money recently sent to Americans to $ 2,000, in accordance with a sum that Biden has promised Americans.
“This plan will draw checks starting this month for Americans who so desperately need the help,” Biden said Saturday in response to the Senate’s action.
Here’s the latest on what we know about those payments.
Who will be eligible for checks of $ 1,400
Full payments of $ 1,400 are scheduled for those with adjusted gross income of up to $ 75,000 for individuals, $ 112,500 for heads of household, and $ 150,000 for married couples filing jointly.
As with previous stimulus controls, payments are lowered for those with income above those thresholds.
This time, however, the Senate has called for lower income levels at which payments are gradually reduced to zero.
Under those terms, payments will be limited to individuals earning $ 80,000 in income, heads of household with $ 120,000, and married couples with $ 160,000.
Estimates indicate that the change could make up to 12 million fewer adults eligible for the stimulus money.
Another notable change is that dependents of all ages can be eligible for payments. The above checks only include those under the age of 17.
How soon could the $ 1,400 payments come out?
Stimulus checks printed at the Philadelphia Financial Center in Philadelphia.
Jeff Fusco | fake images
Biden said this week that stimulus controls should start reaching millions of Americans this month.
That is in line with the expectations of the experts.
Those who will be first in line to get the money will be those who already have their direct deposit bank account information on file with the IRS.
Those people could receive their money within two weeks after the legislation ends.
Other debit card and paper check payments are likely to come later, possibly in April and May.
What to do if you are still waiting for past checks
Many readers have written because they are still waiting for the $ 600 stimulus checks authorized in December and, in some cases, they never received the first $ 1,200 payments sent out last spring.
The good news is that the money is still available, in the form of a tax credit. But you have to file a tax return in order to claim it. That applies even if you normally don’t apply because you have little or no income.
People with $ 72,000 or less in adjusted gross income can use IRS Free File, which will allow you to file your federal income tax return for free online.
If your income is more than $ 72,000, the IRS has free filing forms available.
If you don’t have taxable income, but are looking to apply to claim your stimulus check money through the Recovery Refund Credit, the IRS recommends visiting their website for free information and tools.