The first round of stimulus payments of up to $1,400 are already hitting bank accounts for Americans whose direct deposit bank account information is already on hand at the IRS.
Indeed, some folks have already reported checks in the bank as of today, according to mobile banking service Current. The first deposits come just one day after President Joe Biden signed the American Rescue Plan Act into law. The bill includes a provision for a third stimulus check worth up to $1,400 per qualifying individual and each of his or her dependents.
Who qualifies and how much will you get?
Individuals earning less than $75,000 per year will receive the full $1,400 payment, as will heads of household earning less than $112,500 per year and couples filing jointly earning less than $150,000. Eligible families will also receive $1,400 payments for dependents—both children and adults.
In addition to the stimulus checks, the massive economic package extends unemployment benefits into September, increases the child tax credit and reserves billions for state and local aid, coronavirus testing and vaccinations, and other provisions such as rental aid and food assistance.
When will you get the $?
Those awaiting the arrival of the third stimulus payment are now able to track its status on the Internal Revenue Service’s (IRS) website.
Like the other two stimulus payments, you can track the status of your payment using the IRS’s Get My Payment tool.
Users have reported problems using the Get My Payment tracker in the past and here’s why, the IRS says that the system can get overwhelmed when too many people use it. It also showed incorrect bank account information and deposit dates for some users during the disbursal of the second stimulus payment of $600.
