Some Americans are already seeing the latest round of stimulus payments hit their bank accounts, as the first batch of funds is rolled out.
The payments — worth up to $1,400 per person — were included in the $1.9 trillion Covid-19 relief package just signed by President Biden. The money is expected to reach about 90% of families, according to an estimate from the Penn Wharton Budget Model.
Who is getting the payments: The full $1,400 amount goes to individuals earning less than $75,000 of adjusted gross income, heads of households (like single parents) earning less than $112,500 and married couples earning less than $150,000.
The payments gradually phase out as income goes up, and lawmakers narrowed the scope for this third round of payments so that not everyone who received a previous check will be sent one now.
It cuts off at individuals who earn at least $80,000 a year of adjusted gross income, heads of households who earn at least $120,000 and married couples who earn at least $160,000 — regardless of how many children they have.
But unlike prior rounds, families will now receive additional money for adult dependents over the age of 17. Families will receive an additional $1,400 per dependent, so a couple with two children could receive up to $5,600.
The new income thresholds are based on a taxpayer’s most recent return. Use our calculator to see if you’ll qualify for a stimulus check here.
Starting Monday, you can check the status of your payment using the IRS Get My Payment tool online.
No action is required for most people to receive the money. Social Security recipients and those who receive Veteran Affairs benefits should also receive the money automatically even if they don’t file taxes.
If you don’t see the check yet, don’t panic. A Treasury Department official told reporters on a Friday call that checks will continue rolling out in the “coming weeks.”
Paper checks are coming too. Though not as speedy as direct deposit, paper checks and prepared debit cards will be sent out before the end of the month.
CNN’s own Tami Luhby and Katie Lobosco walk through exactly how much you can expect and when you can expect it on this special CNN Political Briefing podcast.
Fact check: Who really qualifies for a stimulus check?
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