Payments for dependent children decrease in the same way.
"Following approval of the American Rescue Plan Act, the first batch of payments will be sent by direct deposit, which some recipients will start receiving as early as this weekend, and with more receiving this coming week", the IRS said in a statement.
If your adjusted gross income was $72,000 or less, then you are eligible.
Biden said Thursday that the relief bill, which Republicans uniformly opposed as exorbitant, will give "the people of this nation, working people, the middle-class folks, people who built the country a fighting chance". But the payments are technically an advance on a 2021 tax credit, so even if you aren't eligible from your 2019 or 2020 income, you could still get your $1,400 as a tax refund next year if your 2021 return shows that you're eligible. For instance, some people who didn't have a bank account on file with the IRS during the previous two rounds of checks had to wait several weeks for debit cards or paper checks to reach their homes.
Individuals making less than $75,000 per year or couples making less than $150,000 combined per year are eligible to receive the full stimulus payments of $1,400.
Since the IRS will use the most recent AGI in its system, know that it is probably smart to wait a little while to file your taxes if you qualify for a bigger stimulus check based on your 2019 income.
The check will be distributed by the IRS, likely by direct deposit if the agency has your banking information. In that case, there's no reason to worry - the IRS will use your 2019 tax return to determine how much you should receive. And for married couples filing jointly, payments won't go to any couple making more than $160,000.
As millions of Americans await the third round of stimulus checks, the White House said they could arrive as early as this weekend.
If a person's job situation changed previous year because of the pandemic, which led to millions of people losing jobs or being forced to work reduced hours, officials said that the IRS will adjust the size of the new impact payments after the 2020 return has been filed and provide a supplemental payment if that is called for. If the IRS received and processed a taxpayer's 2020 return, the agency will make the calculation based on that return instead. The site will inform people about the status of their payment, but won't allow them to update their bank account information, Treasury and IRS officials said on Friday.
Adults and senior citizens will also continue to be include in the checks.
What should you do if you're at or near the income threshold to receive a payment? "People who are dependents deserve to get money too, as well as people who were getting it before".
Anyone with a valid Social Security number, green card or H-1B and H-2A work visa will be eligible to receive a payment.
The IRS and Treasury Department will begin sending out checks as soon as this weekend, but it could still take weeks for some Americans to receive their payments, CNET reported.