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First Stimulus Payments To Hit Bank Accounts This Weekend: Officials

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First Stimulus Payments To Hit Bank Accounts This Weekend: Officials

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Americans will see the first direct deposit from President Joe Biden’s $ 1.9 trillion COVID-19 relief package reach their bank accounts this weekend, Treasury and Internal Revenue Service officials said Friday.

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

That means a family of four who earns up to $ 150,000 will receive $ 5,600. Unlike the first two payments, which are limited to children under the age of 17, this round check will also go to all eligible dependents, including college students, adults with disability, parents and grandparents, officials said.

They stressed that no action is required by taxpayers to receive payments, which will be based on tax returns in 2019 or 2020, depending on which was most recently filed, or data provided to the IRS last year by those who did not. -file.

The IRS will also automatically send payments to those who typically do not file tax returns, but have received Railroad Security and Security, Additional Income Rights or Veterans benefits by 2020, they said.

“The goals are to get them as fast as possible,” said one of the officers.

Starting Monday, taxpayers can log into the Get My Payment https://www.irs.gov/coronavirus/get-my-payment tool on the IRS website to check the status of these payments.

Officials urged people to file their tax returns electronically to facilitate the process, noting that they may also be eligible for other benefits, including child tax credits.

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

Nearly 160 million U.S. households will receive some $ 400 billion in direct payments of $ 1,400 per person, helping individuals earn up to $ 75,000 annually and couples up to $ 150,000. Those earning more, but less than $ 80,000 per individual or $ 160,000 per couple, will receive a reduced amount.

Officials said they were working with the Social Security Administration, other government agencies and financial institutions to avoid problems seen in the final stages of stimulus payments, when checks came out on thousands of people who had died. .

“We have a number of controls in place to make sure we review and look at how those payments turn out,” one of the officials said.

(Reporting by Andrea Shalal; Editing by David Gregorio)

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