The White House says the $1,400 direct payments for most Americans funded by the American Rescue Plan will start showing up in bank accounts as early as this weekend.Press secretary Jen Psaki says the government will make the first direct deposits this weekend. She says payments will continue throughout the next several weeks.President Joe Biden signed the $1.9 trillion American Rescue Plan in the Oval Office on Thursday.Besides the $1,400 direct payments to individuals, the plan includes money to help distribute coronavirus vaccines, provide relief to homeowners and renters, help reopen schools, provide aid to state and local governments, and an expansion of the child tax credit, among other features.Officials at the Treasury Department and Internal Revenue Service said Friday that processing of the new round of stimulus payments has already begun, with the aim of having the first payments start showing up in bank accounts this weekend.Officials said that beginning on Monday, people can check the “Get My Payment” tool on the IRS.gov website to track their own payments.Taxpayers who have provided bank information with the IRS will receive the direct-deposit payments, while others will get paper checks or debit cards mailed to them.Officials said in the interest of speeding up the relief payments, the IRS will use the latest tax return available, either the 2019 return filed last year or the 2020 return that is due by April 15.If a person’s job situation changed last year because of the pandemic, which led to millions of people losing jobs or being forced to work reduced hours, officials said that the IRS will adjust the size of the new impact payments after the 2020 return has been filed and provide a supplemental payment if that is called for. Officials said those adjustments will be made automatically by the IRS for people who have already filed their 2020 returns.Officials said they wanted to handle the payments this way rather than waiting for the 2020 tax return to be filed in the interest of speeding payments to taxpayers.
The White House says the $1,400 direct payments for most Americans funded by the American Rescue Plan will start showing up in bank accounts as early as this weekend.
Press secretary Jen Psaki says the government will make the first direct deposits this weekend. She says payments will continue throughout the next several weeks.
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President Joe Biden signed the $1.9 trillion American Rescue Plan in the Oval Office on Thursday.
Besides the $1,400 direct payments to individuals, the plan includes money to help distribute coronavirus vaccines, provide relief to homeowners and renters, help reopen schools, provide aid to state and local governments, and an expansion of the child tax credit, among other features.
Officials at the Treasury Department and Internal Revenue Service said Friday that processing of the new round of stimulus payments has already begun, with the aim of having the first payments start showing up in bank accounts this weekend.
Officials said that beginning on Monday, people can check the “Get My Payment” tool on the IRS.gov website to track their own payments.
Taxpayers who have provided bank information with the IRS will receive the direct-deposit payments, while others will get paper checks or debit cards mailed to them.
Officials said in the interest of speeding up the relief payments, the IRS will use the latest tax return available, either the 2019 return filed last year or the 2020 return that is due by April 15.
If a person’s job situation changed last year because of the pandemic, which led to millions of people losing jobs or being forced to work reduced hours, officials said that the IRS will adjust the size of the new impact payments after the 2020 return has been filed and provide a supplemental payment if that is called for. Officials said those adjustments will be made automatically by the IRS for people who have already filed their 2020 returns.
Officials said they wanted to handle the payments this way rather than waiting for the 2020 tax return to be filed in the interest of speeding payments to taxpayers.
