WASHINGTON — The White House says the $1,400 direct payments for most Americans funded by the American Rescue Plan will start showing up in bank accounts as early as this weekend.
Press secretary Jen Psaki says the government will make the first direct deposits this weekend. She says payments will continue throughout the next several weeks.
President Joe Biden signed the $1.9 trillion American Rescue Plan in the Oval Office on Thursday.
Besides the $1,400 direct payments to individuals, the plan includes money to help distribute coronavirus vaccines, provide relief to homeowners and renters, help reopen schools, provide aid to state and local governments, and an expansion of the child tax credit, among other features.
Exactly how much will you get though?
The $1.9 trillion legislation package provides a direct payment of $1,400 for a single taxpayer, or $2,800 for a married couple that files jointly, plus $1,400 per dependent. Individuals earning up to $75,000 would get the full amount, as would married couples with incomes up to $150,000.
The size of the check would shrink for those making slightly more, with a hard cut-off at $80,000 for individuals and $160,000 for married couples.
Some groups that were not eligible for prior payments — such as dependent college students and disabled adults — are now eligible.
The American Rescue Plan calculator created by Jasmine Mah, a web developer for Omni Calculator, will figure out what your Economic Impact Payment will look like based on your tax filing status, number of dependents, adjusted gross income and whether or not you filed taxes in 2019 or 2020.
U.S. residents with a social security number can qualify for a stimulus check, however, certain people who didn’t file taxes recently may still receive a payment.
Mah updates the tool as new developments arise in Washington, D.C., but says some users experiencing an exceptional situation to which the calculator is not applicable can find guidance in the tool’s FAQs or in the bill itself under 2021 Recovery Rebates to Individuals.