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Stimulus payments hitting some Americans’ bank accounts

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Stimulus payments hitting some Americans' bank accounts

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The White House on Thursday had announced that payments will come out as early as this weekend for those who have their direct deposit information on hand at the Treasury and the Internal Ingredients Service. Processing of the first batch of stimulus payments began Friday and will be further developed in the “coming weeks,” a Treasury Department official told reporters in a call Friday.

On Saturday morning, several people had posted on social media about seeing their outstanding stimulus payments in their bank accounts.

“The stimulus came to my account thanks to biden,” Andrew Palmer, an IT consultant in Washington, DC, said on Twitter on Saturday morning. Palmer told CNN he will use the $ 1,400 he will receive to pay off the debt.

Missouri resident Jarrel “JoJo” Royal told CNN he also had outstanding stimulus payments on his account. He began his job as an assistant general manager of hotels on March 1 after being unemployed since May 2020.

“My mom died in June of lung cancer, so part of the money goes to a family trip this summer with my siblings and part of the money will pay for some medical bills,” she told CNN.

Although direct deposits have come out first, paper checks and prepaid debit cards will be sent before the end of the month.

Starting Monday, people can check the status of their payments through the IRS Get my payment online tool.

No action is needed for most people to receive the money. Social Security beneficiaries and those receiving Veterans Affairs benefits should also receive the money automatically even if they do not file taxes.

Who receives a payment and how much?

The total amount of $ 1,400 goes to people earning less than $ 75,000 of adjusted gross income, heads of households (such as single parents) earning less than $ 112,500, and married couples earning less than $ 150,000.

Payments will be phased out as revenue increases, and lawmakers reduced the scope of this third round of payments so that not everyone who received a previous check is sent it now.

It cuts to people earning at least $ 80,000 a year of adjusted gross income, heads of households earning at least $ 120,000, and married couples earning at least $ 160,000, regardless of the number of children they have.

But unlike previous rounds, families will now receive extra money for dependent adults over the age of 17. Families will receive an additional $ 1,400 per dependent, so a couple with two children could receive up to $ 5,600.

The new income thresholds are based on a taxpayer’s most recent return.

The money is expected to reach 90% of households, according to an estimate from Penn Wharton’s budget model.

This story has been updated with additional reports.

CNN’s David Williams contributed to this report.

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