Stimulus, infrastructure spending may only create ‘short-term’ economic boost: Former Carlyle Group CEO
Virginia gubernatorial candidate Glenn Youngkin provides insight into the SPAC boom, more government spending, and his race for governor of Virginia.
The IRS sent out a third batch of stimulus checks this week that includes "plus-up" payments for Americans who are eligible for more money now that their 2020 tax returns have been processed.
The agency has so far delivered about 130 million payments, worth roughly $335 billion, as part of President Biden's American Rescue Plan.
The latest round of checks included more than 4 million payments worth $10 billion. Those payments had an official payment date of March 31, but may have been delivered earlier.
SOME AMERICANS STILL NEED TO PAY TAXES BY APRIL 15, DESPITE NEW DEADLINE
"Plus-up" payments for taxpayers who did not receive the full amount to which they were entitled were a part of this batch, the IRS said. Because the federal government calculated the original two cash payments, worth up to $1,200 and $600, based on either your 2018 or 2019 tax return, millions of taxpayers who lost their jobs, or saw their income reduced, last year as a result of the pandemic were qualified for a bigger check. That also includes Americans who had a child in 2020.
Additional tranches of stimulus checks and "plus-ups" will be sent out on a weekly basis going forward, the IRS said.
If you haven't received your payment yet, you can check its status using the IRS' Get My Payment tool. The first payments will go to Americans with direct deposit set up, according to previous IRS guidance. After that, the agency will mail paper checks and pre-paid debit cards to anyone who qualifies for the money.
SOME STATES WON'T ALLOW TAXPAYERS TO COLLECT BIDEN'S $10,200 UNEMPLOYMENT BREAK
The cash payments included in Biden's stimulus bill are the largest yet, with some Americans eligible to receive up to $1,400. But like the previous rounds of checks — worth a respective $1,200 and $600 — some people will be excluded from getting the money.
Under the legislation, individuals with an adjusted gross income of $75,000 or less and couples with an adjusted gross income of $150,000 or less are eligible to receive a one-time payment of $1,400.
CLICK HERE TO READ MORE ON FOX BUSINESS
Americans who earn more than the threshold line will still receive a partial check. But payments are cut off for individuals who earn $80,000 a year or more and couples who earn $160,000 a year or more. For those filing as head of household, the phaseout begins at $112,500 and tapers off at $120,000.
The checks are directly tied to your latest processed tax returns, either from 2020 or 2019.
Source: Read Full Article