- President Joe Biden signed the $1.9 trillion coronavirus relief package on Thursday afternoon.
- The plan, his top priority as president, sends direct payments of up to $1,400, extends a $300 per week unemployment insurance supplement, expands the child tax credit and puts funds into vaccine distribution.
- Democrats passed the legislation on their own in Congress, as Republicans question the need for a major stimulus package while the economy improves.
An eligible family of four would receive $5,600, more than they were eligible for in the prior stimulus payments.
The first checks / direct deposits should begin March 15th weekend, according to Press Secretary Jen Psaki.
The Senate narrowed income eligibility (higher income taxpayers are excluded) and the following taxpayers will be excluded:
- Individuals phase out between $75,000 and $80,000;
- Heads of household phase out between $112,500 and 120,000;
- Couples filing jointly phase out between $150,000 and $160,000.
To calculate the stimulus payment the IRS will use the information about your income from the 2019 tax return if your 2020 tax return isn’t filed and processed yet.