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The White House announced Thursday that payments would be made as early as this weekend for those with their direct deposit information on hand to the Treasury and the Internal Revenue Service.
Processing of the first batch of stimulus payments began on Friday and more will be rolled out in “the next few weeks,” a Treasury Department official told reporters on a Friday call.
While direct deposits will be done first, paper checks and prepaid debit cards will be sent out before the end of the month.
No action is required for most people to receive money. Social Security recipients and those receiving benefits from Veterans Affairs should also receive the money automatically even if they do not file income tax returns.
Who receives a payment and how much?
The total amount of $ 1,400 goes to people earning less than $ 75,000 in adjusted gross income, heads of household (such as single parents) earning less than $ 112,500, and married couples earning less than $ 150,000.
Payments are phasing out as incomes rise, and lawmakers have narrowed the scope of this third round of payments so that everyone who received a previous check does not get one now.
It only affects people who earn at least $ 80,000 a year in 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.
But unlike previous rounds, families will now receive additional money for dependent adults over 17. Families will receive an additional $ 1,400 per dependent, so that 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 about 90% of families, according to an estimate from the Penn Wharton Budget Model.
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