According to the IRS, new batches of $ 1,400 will be paid in stimulus payments on Wednesday
The Philadelphia Financial Center May in Philadelphia, Pennsylvania, prepares business checks for printing.
Jeff Fusco | Getty Images
A second batch of $ 1,400 worth of Covid stimulus checks is due to land in people’s bank accounts on Wednesday, March 24th.
These checks were processed on Friday and may be available on some accounts even earlier, according to the Treasury Department, IRS, and Bureau of the Fiscal Service who announced the payments on Monday.
The latest batch also contains a “large number” of checks and prepaid debit cards sent by post, according to the agencies.
Individuals who do not receive direct deposit payment on March 24th should look out for payment by mail in the coming weeks.
The agencies have not disclosed how many checks are included in this second payout round. The first round included around 90 million payments totaling more than $ 242 billion.
“The IRS continues to send the third round of stimulus payments in record time,” IRS Commissioner Chuck Rettig said in a statement.
This new round of stimulus checks was approved by Congress and President Joe Biden earlier this month.
Payments are up to $ 1,400 per person and $ 1,400 each depending on children and adults.
As with the previous exams, you must meet certain criteria in order to qualify.
Individuals with Adjusted Gross Income up to $ 75,000 will receive a full payment, plus Heads of Households up to $ 112,500 and married couples who jointly submit up to $ 150,000.
This time, those payments expire faster and are capped at $ 80,000 for individuals, $ 120,000 for heads of household, and $ 160,000 for married couples.
Generally, if you’re expecting payment, you don’t have to do anything to receive the money, the agencies said.
The IRS Get My Payment tool is available to check the status of payments.
Those who receive the money automatically include those who have filed their information on previous tax filings with the government or who have used the IRS nonfiler tool in the past year. Individuals who receive federal benefits, such as B. Social security, additional security income or veterans affairs should also receive the money automatically.
Individuals who typically do not file tax returns and whose information is not on file with the government will be asked to file a 2020 tax return in order to claim their payment. The IRS website has more information on filing federal tax returns for free.