Stimulus checks of $ 1,400 are being issued. Here is who qualifies

President Joe Biden enacted the $ 1.9 trillion novel coronavirus relief bill Thursday, which means $ 1,400 in stimulus checks could start reaching Americans in the coming days.

Payments are expected to go to around 159 million households.

“People can expect to see direct deposits hit their bank accounts as early as this weekend,” White House press secretary Jen Psaki said on Thursday.

“Payments to eligible Americans will continue throughout the next few weeks,” she said.

Checks will be a maximum of $ 1,400 per person, or $ 2,800 per married couple, plus $ 1,400 per dependent.

Like previous direct payments, this third round will be income-based.

The income limits for those who receive the maximum amount will remain the same. Individuals earning up to $ 75,000 in adjusted gross income, heads of households with up to $ 112,500, and married couples who jointly deposit up to $ 150,000 will receive the full $ 1,400 per person.

This time, however, the amount gradually disappears at a faster clip. Payments will be capped at $ 80,000 per person, $ 120,000 for heads of household and $ 160,000 for married couples. People at these adjusted gross income levels and above will not receive anything.

Therefore, fewer people will receive reduced payments this time around.

“If you received full payment last time, you will get full payment this time,” provided your income has not changed significantly, said Steve Wamhoff, director of federal tax policy at the Institute on the taxation and economic policy.

Checks for $ 1,400 will generally be based on 2020 or 2019 tax returns, depending on the most recent deposits that have been processed by the IRS.

The government will also send payments to any non-filers it has registered.

Here is a list of other people who may or may not receive money this time around.

Payments of $ 1,400 will also go to eligible dependents. This time it includes those 17 and over.

The money will be sent to the adults who have claimed the dependents.

As with previous checks, people will need a valid Social Security number to qualify.

So if you file your taxes with an Individual Tax Identification Number, or ITIN, you are not eligible.

For married couples where one spouse has a Social Security number and one spouse has an ITIN, only the spouse with the Social Security number will receive a payment. Their children will also be eligible, provided they also have valid Social Security numbers.

“There were a lot of people who thought we should just give the checks to everyone,” Wamhoff said. “This legislation takes an intermediate approach.”

People who were alive on January 1 will be eligible.

People who have unpaid private debts – excluding child support payments or tax debts – could run the risk of having their stimulus checks seized.

This is because lawmakers used a process known as budget reconciliation to pass the coronavirus relief package, which limited their ability to prevent the garnishment of payments. However, banking and consumer groups have called for follow-up legislation to change this.

If you don’t receive a payment of $ 1,400 or a reduced check, but your income changes, you may be able to claim the amount owed to you when you file your taxes next year.

“Any change, whether it’s a slight reduction in profits or even just putting more money into a traditional IRA or 401 (k), could generate a much larger total payout when they make their. taxes for 2021, ”said Garrett Watson, senior policy analyst at the Tax Foundation.

“There is a subset of people who will be in this situation,” Watson said.

This also goes for this year’s tax reporting season for people who missed previous payments of $ 1,200 or $ 600. You can request a refund credit to recover any amount that may be owed to you. This is also available for people who usually don’t file a tax return because their income is too low.

The IRS website provides information on free filing tools.