The checks are part of the $1.9 trillion American Rescue Plan (ARP) Act signed into law Thursday by President Joe Biden. The ARP also includes an extension of key unemployment insurance benefits and a more generous child tax credit, among many other provisions.
Those with direct deposit set up with the Internal Revenue Service (IRS) will receive their payments first. Taxpayers that the IRS does not have bank account information for will wait a bit longer to receive either a paper check or a pre-paid debit card in the mail.
Previously, the administration had said the payments could be sent out by the end of the month. But given that the IRS already has account information for most recipients from the last two payments, the timeline has been moved up.
Individuals with an adjusted gross income (AGI) below $75,000 are eligible for the full $1,400. Married couples filing jointly must have an AGI under $150,000 to receive $2,800. Taxpayers will also receive $1,400 for each dependent.
The payments are based on either 2019 or 2020 income, depending on when a taxpayer files their 2020 tax return.
To see how much you may qualify for, use this calculator from personal finance website Grow: