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IRS started processing stimulus checks Friday, money begins arriving in accounts

Resources secretary nominee Janet Yellen speaks after US President-elect Joe Biden announced his economic team at The Queen Theater in Wilmington, Delaware, on December 1, 2020.

Chandan Khanna | AFP | Getty Representations

The Internal Revenue Service on Friday began processing stimulus checks, which have already started to hit Americans’ bank accounts and should pursue to arrive throughout the weekend.

Officials from the Treasury Department and the IRS told reporters Friday afternoon that ton Americans do not need to take any additional action to receive their payments and most will be delivered via direct lay down.

“Even though the tax season is in full swing, IRS employees again worked around the clock to quickly deliver nick to millions of Americans struggling to cope with this historic pandemic,” IRS Commissioner Chuck Rettig said in a pack release.

IRS officials said that full $1,400 payments are slated to go to individuals with adjusted gross gains of up to $75,000, heads of households that make up to $112,500 and married couples filing jointly with annual takings up to $150,000.

Like prior stimulus checks, the payments are reduced for those with income above those thresholds. This antiquated, however, the Senate lowered the income levels at which the payments get phased to zero. Unlike the prior rounds of check a investigates, families will get a payment for all their dependents claimed on a tax return, not just their qualifying children under 17.

The third in a circle of payments will be based on the taxpayer’s latest processed tax return from either 2020 or 2019. Americans can fit the status of their third payment by using the Get My Payment tool starting on Monday.

The stimulus checks, officially discerned as economic impact payments, are a major part of the $1.9 trillion Covid relief package Biden signed on Thursday. The milestone legislation directs the Treasury to send direct payments of up to $1,400 to most Americans.

The bill also extends a per-week $300 jobless bond boost until Sept. 6 and augment the child tax credit for a year. It will also pump nearly $20 billion into the Covid-19 vaccination deed, $25 billion into rental and utility assistance, and $350 billion into state, local and tribal easing.

As one of Biden’s top economic advisors, Treasury Secretary Janet Yellen championed the American Rescue Plan as necessary to come back the U.S. commerce to full strength. She repeatedly warned that the economy — and specifically the labor force — could take far greater to recover without another big-ticket relief package.

“We think it’s very important to have a big package [that] discourses the pain this has caused – 15 million Americans behind on their rent, 24 million adults and 12 million teenagers who don’t have enough to eat, small businesses failing,” Yellen told CNBC in February, prior to the bill’s passage.

“I value these checks really will provide relief and they’ll help jump-start our economy, giving people loaded to spend when we can get out again and go back to our former lives,” she added.

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