JACKSONVILLE, Fla. – Stimulus payments could hit millions of Americans’ bank accounts by next week.
The House of Representatives is expected to vote on the 1.9 trillion relief package Wednesday. While no House Republicans have supported the bill, it is still expected to pass.
On Monday, President Joe Biden said he will sign the bill when it reaches his desk.
Included in the relief package are $1,400 stimulus checks for anyone who makes $75,000 or less, or couples earning up to $150,000. That’s your adjusted gross income on your tax return, not your annual salary.
A child tax credit will also be included for the first time: $3,000 for people with children ages 6 to 17, and $3,600 for children under 6. The money, however, will be paid out in installments of $300 per month starting in July until the end of the year.
Example 1: A couple with an income of $96,000 or less with two children age 6 to 17.
The family would qualify for four stimulus checks for a total of $5,600 paid out at once. In addition, the family would receive $3,000 per child, in this case it would be two. That means, the total payout by the end of the year would be $11,600 dollars.
Example 2: A single parent who makes $110,000 or less with one child age 6 to 17.
In that case, the parent would receive two $1,400 stimulus checks ($2,800) and one child tax credit of $3000. At the end of the year, you would have received a total of 5,800.