03/12/2021
đź’µ STIMULUS PAYMENT đź’µ
Who is eligible?
Individuals making $75,000 or less a year and their dependents each would receive checks of $1,400 each. The payments decrease gradually for individuals earning above $75,000 — and they phase out completely for individuals making $80,000 or more. That’s a change from a prior income cap of $100,000.
Couples who file taxes jointly and earn $150,000 or less a year and their dependents each will get full payments of $1,400. The checks become gradually smaller for joint filers making above $150,000, and they phase out entirely at $160,000. That’s a change from a prior income cap of $200,000 for couples.
“Head of household” filers, such as single parents, would see a phase-out starting above an income level of $112,500 and no payments at $120,000 vs. a previous cap of $150,000
When are they being distributed?
Payments will be made in tranches over the next several weeks, with the first wave going out next week – with a settlement date of Wednesday, March 17th.
The first wave is expected to be over 90 million payments to the easiest to reach taxpayers using predominantly direct deposit with a small portion of checks going out starting the end of next week. The IRS will be using payment data based on a combination of using 2020 returns already processed with the remainder using 2019 tax return information.
