Most of this first batch of payments has been sent by direct deposit and all of these recipients will have access to the funds on Wednesday, the agencies reported.
The government has also mailed about 150,000 paper checks.
More batches of payments will come out in the coming weeks through direct income, paper checks and prepaid debit cards.
No action is needed for most people to receive the money. Social Security beneficiaries and those receiving Veterans Affairs benefits should also get the money automatically even if they do not file taxes.
Who receives a payment?
Payments are worth up to $ 1,400 per person and are expected to reach 85% of households, according to the White House.
Families will receive an additional $ 1,400 per dependent, so a couple with two children could receive up to $ 5,600. Unlike previous rounds, families will now receive the extra money for dependents over the age of 17.
The full amount 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. But then the payments will go away gradually as revenue increases.
This time, lawmakers have reduced the scope of payments so that not everyone who has received a previous check is sent it now. It cuts people who earn at least $ 80,000 a year of adjusted gross income, heads of households who earn at least $ 120,000, and married couples who earn at least $ 160,000, regardless of the number of children they have.
In what year are income limits based?
The new income thresholds will be based on a taxpayer’s most recent return. If you have already filed a 2020 return at the time the payment is submitted and processed, the IRS will base your eligibility on your gross income adjusted for 2020. Otherwise, it will be based on the return. of 2019 or in the information presented through an online portal created last year for people who do not usually file returns.
If your 2019 income was less than your 2020 pay, you won’t owe any money. But if your income dropped in 2020, filing your tax return now (before you finish payments) can mean you get a bigger check.
Reach out to those who need it most
Most people receive payments automatically, but many are lost, for various reasons. An estimated eight million eligible people did not get the first round of payments delivered last year.
Many of these people have very low incomes and are usually not required to file returns. Last year, the IRS created an online portal where they could register for money.
At this time, the IRS has no plans to reopen the portal. Instead, officials encourage people to file tax returns by 2020. People on low incomes can use the agency’s free file option.
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