Stimulus Checks Set to Start Being Deposited into Bank Accounts This Weekend
President Joe Biden signed the latest Covid Relief bill on Thursday, March 11, 2021. The $1.9 trillion package includes up to $1,400 in direct stimulus aid, additional weekly unemployment supplements of $300, and approximately $20 billion in aid towards vaccinations against Covid-19.
White House press secretary, Jen Psaki, stated that the $1,400 stimulus checks may be deposited into bank accounts as early as this weekend. For individuals that do not have their bank account information registered with the IRS, their $1,400 payment should arrive in the mail in the form of a paper check within the next couple of weeks.
Those who are eligible to receive full stimulus payments:
- Individuals who earn less than $75,000 will receive the full $1,400 payment.
- Couples earning less than $150,000 will also receive the full $1,400 payment, totaling $2,800 per couple.
- Families with dependents of all ages will receive an additional $1,400 per dependent. This includes dependent children, including college students and dependent adult relatives, including those with disabilities.
- All mixed-status households are also eligible for stimulus payments, as long as one member has a Social Security number. This includes households with non-citizen parents and U.S. citizen children.
Those who are eligible to receive partial stimulus payments:
- Individuals earning between $75,000 and $80,000 per year will not see the full $1,400 payment, but will receive a partial stimulus check.
- Couples earning between $150,000 and $160,000 will also receive partial stimulus payments.
Those who are not eligible to receive stimulus payments:
- Individuals who earn more than $80,000 per year are not eligible for the $1,400 direct stimulus payment.
- Couples earning more than $160,000 will not see a stimulus payment either, regardless of how many dependents they have.
The bill also continues the $300 weekly supplement for those receiving unemployment benefits. Another provision allows individuals who received unemployment benefits last year and made under $150,000 in adjusted gross income, to waive taxes on the first $10,200 of unemployment benefits.
Additionally, families with dependent children will see an increase in the child tax credit this summer. Those who are claiming dependent children, under age 6, will see an increase in tax credits from $2,000 to $3,600. A tax credit increase was also issued for children ages 6 to 17, from $2,000 to $3,000. Families will start receiving monthly or quarterly payments for these refundable tax credits in July, and can claim the remaining amount of money when filing their 2021 tax return.
Recipients of food stamps will continue to receive a 15% increase in their benefits through September 2021.
For more information about how to obtain your direct stimulus aid, click here.