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March 17, 2021, 1:27 p.m. EDT

When will you get your $1,400 stimulus check? 90 million already arrive, more hitting ‘in the coming weeks’

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By Victor ReklaitisAndrew Keshner

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Speaking before a House subcommittee on Feb. 23, Rettig talked up how quickly the IRS delivered the $600 stimulus checks, also known as economic impact payments or EIPs, that were provided by a $900 billion relief bill that then-President Donald Trump signed into law on Dec. 27 .

“These payments started posting to bank accounts just two days after enactment,” Rettig said in his testimony. He said that was due to the efforts of IRS employees to monitor the relief legislation and other advanced preparation.

“They gave us the ability for a quick turnaround,” the IRS chief said.

Senate Majority Leader Chuck Schumer, the New York Democrat, said last week that eligible Americans will have their stimulus checks by March 31.

“You will receive $1,400 checks by the end of March. Help is on the way,” the New York Democrat said shortly after the House approved the American Rescue Plan Act.

Biden signed Washington’s latest big relief bill into law last Thursday, after previously planning to sign it last Friday .

There has been a change in who will get stimulus checks in the new aid package, as Biden agreed to narrower income limits . Individuals making $80,000 a year or more won’t get the direct payments, while the cutoff for joint filers will be $160,000.

The IRS is basing its decisions on who is eligible to receive the payments on processed 2020 income tax returns. If those are not yet available, the agency will look at the adjusted gross income (AGI) listed on the 2019 return. If the IRS sends a payment based on a 2019 return, then gets the 2020 return and deems more money has to be paid — like for a child or dependent listed for the first time — it will automatically top off the already-sent payment with the extra amount owed.

Read more: Here’s who will get $1,400 stimulus checks

Also see: Fewer Americans will get a stimulus check this time around

The $1,400 payments on top of $600 checks just a few months ago means most Americans will get a total of $2,000, an amount that Biden and other Democrats promised to deliver while campaigning.

The COVID-19 pandemic’s first “stimmy” round came about a year ago, with $1,200 checks .

The first two rounds haven’t been without their glitches and snafus. For example, during the second round, when $600 payments were sent out, some TurboTax and H&R Block users had to wait because the money was sent to closed or inactive accounts once used to pass along refunds. This time around, the IRS has been working with banks and other financial institutions to make sure it’s sending the money to active accounts and avoiding inactive ones, Treasury and IRS officials said.

U.S. stocks /zigman2/quotes/210598065/realtime DJIA +1.34% /zigman2/quotes/210599714/realtime SPX +2.02% were mixed on Wednesday as investors awaited the outcome of a much-anticipated Federal Reserve meeting 

Now read: Is your income just over the threshold for the $1,400 stimulus check? Tax preparers give tips to help you qualify

Plus: Biden’s name won’t appear on stimulus checks, White House says

This is an updated version of a report that was first published on March 11, 2021.

US : Dow Jones Global
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May 17, 2022 4:09p
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May 17, 2022 4:09p

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