The third and largest stimulus check issued by the federal government during the pandemic—$1,400 a person—is on the way to millions of Americans this weekend, according to the Treasury Department.
President Joe Biden signed the latest COVID relief package on Thursday, called the American Rescue Plan. The package includes local government aid, money for vaccinations and schools, and funding for restaurant and small business grants.
But on everyone’s mind is if they qualify for the $1,400 stimulus check and, if so, when will it arrive.
Here’s a breakdown of what to know about the stimulus payment and what else you can expect from the latest coronavirus relief package.
Who qualifies for the $1,400 COVID-19 stimulus check?
Single adults making less than $75,000 per year qualify for $1,400 stimulus checks. Payments are reduced and then phase out entirely at $80,000 in annual adjusted gross income.
Married couples who file their taxes together and make up to $150,000 get $1,400 each, or $2,800 total. Payments end entirely at $160,000 for married couples.
Heads of households making up to $112,500 qualify for the full amount.
Families will also get $1,400 for each dependent claimed on their tax returns.
To describe how the phase out works, the Internal Revenue Service noted a single person with no dependents or children making $77,500 a year would get half the payment—or $700.
Although those making more money than the above incomes do not qualify for a check, the Institute on Taxation and Economic Policy (ITEP) estimates that the cash payments will go to 84% of American households.
The institute’s executive director, Amy Hanauer, said Wednesday that it is “particularly problematic” that the plan excludes payments from undocumented immigrants, but still, said the legislation is a “model for what inclusive, people-focused policymaking should be.”
When can I expect to get the money?
Payments are expected to arrive as early as this weekend, according to the Treasury Department.
The NY Times reported that some Americans had already started seeing the direct deposits in their bank accounts this weekend.
But payments would be sent in “tranches” in the “coming weeks,” the Treasury Department said in a statement.
–ECONOMIC IMPACT PAYMENT INFO–
As announced yesterday, some people could start seeing relief payments hit their bank accounts as early as this weekend.
Payments to eligible Americans will continue through the next several weeks on a rolling basis.
— Treasury Department (@USTreasury) March 12, 2021
How can I check on the status of my payment?
Beginning Monday, you can check the status of your payment here.
What year of income does the IRS look at?
The IRS says it will determine eligibility of people who have filed a 2020 tax return or filed a 2019 tax return if the 2020 return hasn’t been submitted or processed.
Individuals who didn’t file 2019 or 2020 tax returns but registered for the $1,200 stimulus payment last spring using the non-filers portal last year will also get paid.
People receiving federal benefits as of December 31st, 2020 but who do not file tax returns will still get a stimulus payment. The IRS is coordinating with the agencies who dole out those other federal benefits, like social security or veteran benefits.
What else can I expect from the American Rescue Plan?
Jobless benefits of $300 a week were extended to September 6th.
The bill expanded the Child Tax Credit. Under this provision, the credit would rise from $2,000 a child to $3,000 a child, as well as another $600 for each kid under age 6. Though the change is not permanent, some Democrats seek to make it so, according to CNBC.
The package also expands the Earned Income Tax Credit. Low-income individuals without children qualify for a tax credit of $500 typically, according to the ITEP. . The COVID relief package triples that, and also relaxes the age limitations of the tax credit for childless, low-income workers.