Millions of Americans woke up $1,400 richer on Wednesday as a number of banks processed Economic Impact Payments as part of the $1.9 trillion stimulus bill signed by President Joe Biden last week.
Since late last week, the federal government has distributed 90 million stimulus checks valued at more than $242 billion. If you did not get one yet, the IRS said there are still millions of checks left to be distributed.
The IRS said that the first batch of payments primarily went to eligible taxpayers who provided direct deposit information on their 2019 or 2020 tax return, including those who typically don’t file a tax return, but used the non-filer tool on the IRS.gov.
While the IRS started releasing payments last Friday, Chase, PNC and Wells Fargo customers began receiving their checks on Wednesday. H&R Block customers who have an Emerald Card began receiving payments on Saturday.
Americans can check the status of their stimulus payment by going to the "Get My Payment" site on the IRS' website.
Americans making up to $75,000 a year will get a direct payment of $1,400 (couples making up to $150,000 a year will get $2,800). Heads of households making up to $112,500 annually also will receive the full $1,400.
Those making $75,000 to $80,000 ($150,000 to $160,000 for couples) will get a prorated check. Those making over $80,000 ($160,000 for couples) will not receive a check.
The IRS will use “adjusted gross income” to determine income eligibility for payments. If you have not filed a 2020 tax return, the IRS will use 2019 tax information to determine eligibility.
For the vast majority of Americans, the checks will come automatically, either via direct deposit or through a check or debit card in the mail. Some Americans who may not have been previously eligible, such as young adults, may need to submit their information to the IRS, although such details are unavailable at this time.
Also those who receive Social Security retirement, Survivor or disability benefits (SSDI), Railroad Retirement benefits, Supplemental Security Income (SSI) or Veterans Affairs benefits are eligible for a stimulus check without being required to file a tax return.
Contact Justin Boggs on Twitter @jjboggs or on Facebook.