Who gets it? When? What about tax breaks?
| Detroit Free Press
VIDEO: When will get your stimulus check? Chuck Schumer explains
Sen. Chuck Schumer spoke on the Senate floor March 11, 2021, about the passage of the latest stimulus package that include $1,400 checks for most Americans.
Joseph Spector, New York State Team
The third round of stimulus cash could start arriving as soon as this weekend for those with direct deposit, giving many an extra financial lift after being ground down by a year-long pandemic.
And we’ll know more specifics soon now that President Joe Biden signed the American Rescue Plan relief package into law Thursday afternoon, a day sooner than had been expected.
Biden said the relief package was “about rebuilding the backbone of this country” and giving those who are struggling a “fighting chance.”
Thursday marked the one-year anniversary of when the World Health Organization declared COVID-19 a global pandemic.
Jen Psaki, White House press secretary, told reporters in Washington on Thursday that people will start seeing direct deposit of the stimulus checks as soon as this weekend.
But the latest stimulus money — up to $1,400 per person who qualifies — isn’t the only part of the massive $1.9 trillion COVID-19 relief package that will help many families who may have trouble paying their bills.
“For people who are financially stressed, there’s a lot of good news for them,” Kathy Pickering, chief tax officer at H&R Block, said in an interview Thursday.
We’re looking at some key tax-related benefits for many people who lost jobs in 2020 and some families with young children.
Here’s how the latest relief package could hit your wallet and what you need to know:
When will the third stimulus check arrive?
If we know anything about stimulus money by now, we’ve come to learn that it all doesn’t arrive at the same time. That could be true this time around, too, but there aren’t any details yet.
Tax professionals and others continue to wait for clarity from the Internal Revenue Service about the specifics involved with the rollout.
If the IRS sends you that money via direct deposit, you’ll likely be among the first to receive it, possibly as soon as this weekend, the White House says.
As part of the direct deposit process, the U.S. Treasury would start to send electronic messages to banks on Friday but bank accounts would not see any extra cash available immediately.
It’s expected that March 17 would be the effective date when the Treasury actually transfers the money, according to industry experts. More than 100 million payments are expected to be payable on March 17 via direct deposit.
Consumers should watch their bank accounts in the days ahead.
More than 233 million stimulus payments were issued via direct deposit during the past two rounds of Economic Impact Payments.
The first and second round of payments also involved 64.2 million stimulus checks and 11.6 million prepaid cards.
Paper checks and prepaid Visa debit cards — which are expected to be part of the third stimulus program — would be sent in the regular mail and take a bit longer, through April at least, according to estimates by Garrett Watson, senior policy analyst for the Tax Foundation.
The official word from the IRS Wednesday was that the agency was continuing to review its rollout plans for the American Rescue Plan Act of 2021.
The IRS stated: “Additional information about a new round of Economic Impact Payments and other details will be made available on IRS.gov, once the legislation has been signed by the President.”
As a result, the IRS could be expected to issue more details later but had no new comments Thursday afternoon.
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Who gets the third stimulus check?
The full $1,400 goes to single people…
Read More: Who gets it? When? What about tax breaks?