IRS: Stimulus payments can hit bank accounts as early as this weekend

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President Joe Biden signed the new $1.9 trillion rescue package on Thursday, the day after it won final passage in the House. "It will go to the parents' account because the child is a dependent of the parents", Goldberg says.

"Following approval of the American Rescue Plan Act, the first batch of payments will be sent by direct deposit, which some recipients will start receiving as early as this weekend, and with more receiving this coming week", the IRS said in a statement.

The payments gradually phase out as income goes up. And you could see that payment pretty fast! Remember the "Get My Payment" tool from the last two stimulus payments?

If you're expecting a check, the easiest way to check on the status is through the Get My Payment portal from the Internal Revenue Service, but you'll have to wait for it to relaunch.

The third round of stimulus checks will start hitting bank accounts for eligible Americans as soon as this weekend, the IRS said late Friday.

What should you do if you're at or near the income threshold to receive a payment? The IRS will use your 2019 return if you haven't filed taxes yet this year.

The direct payments - $1,400 for adults earning less than $75,000 and couples less than $150,000, as well as $1,400 for dependents - could amount to $5,600 for many families of four.

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If a person's job situation changed past year because of the pandemic, which led to millions of people losing jobs or being forced to work reduced hours, officials said that the IRS will adjust the size of the new impact payments after the 2020 return has been filed and provide a supplemental payment if that is called for.

For the folks who don't get a payment this weekend, and believe they should have one coming, there's good news, too. If the IRS received and processed a taxpayer's 2020 return, the agency will make the calculation based on that return instead.

In addition, the IRS will automatically send stimulus checks to people who didn't file a return but receive Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits, Supplemental Security Income (SSI) or Veterans Affairs benefits.

The next round of federal stimulus checks may be larger for many Americans now that dependents qualify. My colleague Diana Ransom has dug into what the bill means for small business owners, but there are also many provisions that might directly affect your personal finances. That could be a very significant benefit if president Biden follows through on his plan to erase $10,000 of debt for student borrowers.

Payments will be made over the next several weeks.

However, fewer Americans will receive checks this time around due to a change in the Senate's version of the bill. Chances are at least one of its provisions will affect your employees and you.

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