White House Press Secretary Jen Psaki said some people could start to see direct deposits of their payments as soon as this weekend, March 13 and 14.
Psaki said the IRS is “building on lessons learned from previous rounds to increase the number of households that will get electronic payments, which are substantially faster than checks.”
While it took about two weeks for the first stimulus payments to go out via direct deposit last April, the second stimulus payments in December went out much faster. That bill was signed into law on Dec. 27 and people started to see direct deposits just two days later. On Dec. 30, the IRS started to mail paper checks to eligible people.
This time could be a little more challenging because the IRS is in the middle of the busy tax season.
It’s not yet known if the IRS will reopen the Get My Payment tool so people can monitor their payments’ delivery time, or if it will reopen the Non-Filer tool so that people who don’t normally file tax returns can give the agency their direct deposit information.
To get the full $1,400 payment, singles need to have adjusted gross income of $75,000 or less. Those who earn up to $80,000 would get a partial payment and above that amount, you are no longer eligible. Married couples who earn up to $150,000 are eligible for $2,800, and those who earn up to $160,000 would get a partial payment. After that, you are no longer eligible. Families will also receive $1,400 for each dependent no matter their age, so it includes college students and older relatives who didn’t receive the first two stimulus payments.
The payments will be based on your 2020 tax return if you’ve already filed one, or the IRS will use your 2019 return if that’s all it has available.
Use our updated stimulus calculator to see how much you may receive.
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Karin Price Mueller may be reached at KPriceMueller@NJAdvanceMedia.com.