Pandemic relief funds on the way
WASHINGTON — Officials at the Treasury Department and Internal Revenue Service said Friday that processing of the new round of stimulus payments has begun, with the aim of having the first payments start showing up in bank accounts this weekend.
President Joe Biden signed the new $1.9 trillion rescue package on Thursday. The measure provides for payments to individuals of up to $1,400, with payments to a qualifying family of four of $5,600.
“The payments will be delivered automatically to taxpayers even as the IRS continues delivering regular tax refunds,î” IRS Commissioner Chuck Rettig said.
About 85 percent of Americans will be eligible and the goal is to have millions of the payments disbursed in the next few weeks.
The relief measure, which passed on party-line votes in both the House and Senate, contains the third round of economic-impact payments. The first round passed last spring provided up to $1,200 per individual, and a second round of payments in December provided up to $600 per individual.
The latest package passed with no votes from Republicans, who objected to its size and argued it was not necessary given signs that the economy is beginning to recover.
The latest round will provide households with $1,400 for each adult, child and adult dependent, such as college students or elderly relatives. Adult dependents were not eligible to receive payments in the previous two rounds of payments.
The payments start declining for an individual once adjusted gross income exceeds $75,000 and go to zero at $80,000. The payment starts declining for married couples when income exceeds $150,000 and goes to zero at $160,000.
Officials said that beginning on Monday, people can check the “Get My Payment”î tool on the IRS.gov website to track their own payments.
Taxpayers who have provided bank information with the IRS will receive the direct-deposit payments, while others will get paper checks or debit cards mailed to them.
The IRS will use the latest tax return available, either the 2019 return filed last year or the 2020 return that is due by April 15.
is Saturday, March 13, the 72nd day of 2021. There are 293 days left in the year.
Today’s Highlight in History:
On March 13, 1933, U.S. banks began to reopen after a “holiday” declared by President Franklin D. Roosevelt. On this date:
In 1781, the seventh planet of the solar system, Uranus, was discovered by Sir William Herschel.
Today’s Birthdays: Singer-songwriter Neil Sedaka is 82. Actor William H. Macy is 71. Rock musician Adam Clayton (U2) is 61. Jazz musician Terence Blanchard is 59. Rapper-actor Common is 49. Singers Natalie and Nicole Albino (Nina Sky) are 37. Actor Emile Hirsch is 36. Tennis star Coco Gauff is 17.