The nominated candidate for the treasury Janet Yellen speaks after Joe Biden, president of the election, announced his economic team at The Queen Theater in Wilmington, Delaware, on December 1, 2020.
Chandan Khanna | AFP | Getty Images
The Internal Revenue Service began processing stimulus checks on Friday, which had already begun hitting Americans’ bank accounts and would continue throughout the weekend.
Treasury Department and IRS officials told reporters Friday afternoon that most Americans do not need to take any extra steps to receive their payments, and that most are delivered via direct deposit.
“While the tax season is in full swing, IRS staff have worked 24 hours a day to provide rapid assistance to millions of Americans struggling to cope with this historic pandemic,” IRS Commissioner Chuck Rettig said in a statement. said a press release.
IRS officials said the full payment of $ 1,400 goes to individuals with adjusted gross incomes of up to $ 75,000, heads of households up to $ 112,500 and married couples who have an annual income of up to $ 150,000 annually.
Just like previous incentives, the payments are reduced for those with an income that is above the thresholds. This time, however, the Senate has lowered the revenue levels at which payments are phased to zero. Unlike previous check rounds, families will receive a payment for all their dependents claimed on a tax return, not just their qualifying children under 17.
The third round of payments is based on the taxpayer’s last processed tax return from 2020 or 2019. Americans can check the status of their third payment by Get my payment tools start on Monday.
The stimulus checks, officially known as economic impact payments, are an important part of the $ 1.9 billion Covid aid package that Biden signed on Thursday. The landmark legislation requires the Treasury to send direct payments of up to $ 1,400 to most Americans.
The bill also extends a $ 300-a-week boost for unemployed insurance to Sept. 6 and increases the tax credit for a year. It will also pump nearly $ 20 billion into the Covid-19 vaccination effort, $ 25 billion in rental and utility assistance, and $ 350 billion in state, local and tribal relief.
As one of Biden’s leading economic advisers, Finance Minister Janet Yellen has advocated the US bailout plan as necessary to bring US trade back to full strength. She has repeatedly warned that the economy – and specifically the workforce – could take much longer to recover without another big-ticket relief package.
‘We think it’s very important to have a great package [that] addresses the pain it caused – 15 million Americans behind on their rent, 24 million adults and 12 million children not having enough to eat, small businesses have failed, “Yellen told the bill in February before the bill was passed. OilGasJobz said.
“I think these checks will really provide relief and it will help get our economy going, thus giving people money to spend when we can get out again and go back to our previous lives,” she added.