cloudyn.png
Wednesday August 4th, 2021 3:00AM

IRS says new round of COVID relief payments on the way

By The Associated Press
Related Articles
  Contact Editor

WASHINGTON (AP) — Along with daylight saving time, this weekend could bring some Americans fatter bank balances.

Officials at the Treasury Department and Internal Revenue Service said Friday that processing of the new round of stimulus payments has already begun, with the aim of having the first payments start showing up in bank accounts this weekend.

President Joe Biden signed the new $1.9 trillion rescue package on Thursday, the day after it won final passage in the House. The measure provides for payments to qualifying individuals of up to $1,400, with payments to a qualifying family of four of $5,600.

“The payments will be delivered automatically to taxpayers even as the IRS continues delivering regular tax refunds,” IRS Commissioner Chuck Rettig said in a statement.

It is estimated that 85% of Americans will be eligible for the payments and the goal is to have millions of the payments disbursed in the next few weeks.

The relief measure, which passed on party-line votes in both the House and Senate, contains the third round of economic-impact payments. The first round passed last spring provided up to $1,200 per individual, and a second round of payments in December provided up to $600 per individual.

The latest package passed with no votes from Republicans, who objected to the size of the measure and argued it was not necessary given signs that the economy is beginning to recover.

Then-President Donald Trump called the payments in the $900 billion relief bill passed in December too small and Biden agreed, pushing the total for an individual up to $1,400 in the new package.

The latest round of relief payments will provide households with $1,400 for each adult, child and adult dependent, such as college students or elderly relatives. Adult dependents were not eligible to receive payments in the previous two rounds of payments.

The payments start declining for an individual once adjusted gross income exceeds $75,000 and go to zero once income hits $80,000. The payment starts declining for married couples when income exceeds $150,000 and goes to zero at $160,000.

Officials said that beginning on Monday, people can check the “Get My Payment” tool on the IRS.gov website to track their own payments.

Taxpayers who have provided bank information with the IRS will receive the direct-deposit payments, while others will get paper checks or debit cards mailed to them.

Officials said in the interest of speeding up the relief payments, the IRS will use the latest tax return available, either the 2019 return filed last year or the 2020 return that is due by April 15.

If a person's job situation changed last 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. Officials said those adjustments will be made automatically by the IRS for people who have already filed their 2020 returns.

Officials said they wanted to handle the payments this way rather than waiting for the 2020 tax return to be filed in the interest of speeding payments to taxpayers.

___

This story has been corrected to show that individuals received up to $1,200 in the first round of stimulus payments, not $2,000.

  • Associated Categories: Associated Press (AP), AP National News, AP Online National News, Top General short headlines, AP Business, AP Business - Personal Finance
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Governors applaud Biden's vaccine timeline, but need supply
Governors are applauding President Joe Biden's declaration that all adults should be eligible for coronavirus vaccinations by May 1
6:57PM ( 15 minutes ago )
Labor movement targets Amazon as a foothold in the South
The South has never been hospitable to organized labor
6:43PM ( 29 minutes ago )
Children packed into Border Patrol tent for days on end
President Joe Biden’s administration is refusing to allow lawyers who inspect facilities where immigrant children are detained to enter a Border Patrol tent in Texas where agents are holding hundreds of youths
6:40PM ( 32 minutes ago )
Associated Press (AP)
Auto industry urges emissions deal weaker than Obama's
A coalition of automakers has told the Biden administration it would agree to raise mileage standards to reduce tailpipe emissions but with tradeoffs and at rates lower than those brokered by California with five other car manufacturers
5:20PM ( 1 hour ago )
Stocks mostly shake off a weak start, edge to more records
Stocks are closing mostly higher on Wall Street, shaking off an early slide and notching more record highs for the S&P 500 and the Dow Jones Industrial Average
5:03PM ( 2 hours ago )
Black Lives Matter backs Amazon union push in Alabama
Organizers trying to form the first union at an Amazon warehouse are getting support from another big name: Black Lives Matter
4:51PM ( 2 hours ago )
AP Business
Biden moves to relieve strain of child border crossings
The Biden administration hopes to relieve the strain of thousands of unaccompanied children coming to the southern border by terminating a 2018 Trump-era order that discouraged potential family sponsors from coming forward to house the children
12:09PM ( 7 hours ago )
N Korean defectors struggle to send money home amid pandemic
For years, North Korean defectors have resorted to an underground network of brokers to call and send money to their families in North Korea
9:14PM ( 21 hours ago )
US long-term mortgage rates rise again; 30-year at 3.05%
U.S. long-term mortgage rates again rose modestly this week against the backdrop of an improving economy and further distribution of coronavirus vaccines
7:46PM ( 23 hours ago )
AP Business - Personal Finance
Governors applaud Biden's vaccine timeline, but need supply
Governors are applauding President Joe Biden's declaration that all adults should be eligible for coronavirus vaccinations by May 1
6:57PM ( 15 minutes ago )
Labor movement targets Amazon as a foothold in the South
The South has never been hospitable to organized labor
6:43PM ( 29 minutes ago )
Children packed into Border Patrol tent for days on end
President Joe Biden’s administration is refusing to allow lawyers who inspect facilities where immigrant children are detained to enter a Border Patrol tent in Texas where agents are holding hundreds of youths
6:40PM ( 32 minutes ago )
Floyd family agrees to $27M settlement amidst ex-cop's trial
The city of Minneapolis has agreed to pay $27 million to settle a civil lawsuit from George Floyd’s family over the Black man’s death in police custody
6:37PM ( 36 minutes ago )
Bolivia's ex-interim leader says authorities seek her arrest
Bolivia’s former interim president says she faces an arrest warrant for terrorism and sedition as prosecutors move against officials who backed the ouster of former leader Evo Morales, which his party — now back in power — considers a coup
6:35PM ( 37 minutes ago )