The COVID relief package is official. When will we see direct payments?
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The White House says relief payments sent by direct deposit could start hitting bank accounts this weekend. The payments are part of the nearly $2 trillion COVID relief bill President Joe Biden signed Thursday.
Individuals making up to $75,000 a year and married couples earning up to $150,000 will get the full $1,400 relief payment. If the IRS already has your bank account information, you’re all set, and you could see your direct deposit payment this weekend.
If you’ve already filed your 2020 taxes, that’s what the IRS will use to determine if you’re eligible for a payment. Otherwise it’ll use your 2019 tax return.
If you just registered your bank account with the IRS when you paid your 2020 taxes, it’s not clear if the IRS will be able to use that account. We also don’t know yet if the IRS will set up an online portal like it did with the first relief checks, where people can register for direct payments. The agency shut down the portal last May and didn’t open it up again when the second round of relief checks was sent out last December.
If you haven’t set up direct deposit with the IRS, you’ll get either a paper check or debit card.
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