The latest bill of coronavirus relief has passed. That means most Americans will start to receive stimulus checks soon.
The American Rescue Plan Act includes:
- $1,400 direct payments to individuals earning up to $75,000. The payments begin to phase out for individuals who earn more than $75,000, and individuals earning more than $80,000 will be ineligible for a stimulus payment.
- Couples who file a joint federal income tax return and make less than $150,000 combined will receive $1,400 each. The phaseout for couples filing jointly begins at those making $150,000 and ends at $160,000. Couples making a combined amount of $160,000 or more will not receive a stimulus payment.
- Those who file taxes as head of household, will receive the full $1,400 if they earn less than $112,500. The phaseout begins at $112,500, and no payments will be available for those earning more than $120,000.
- Qualified recipients will also receive $1,400 for each dependent.
The payments will be sent via direct deposit or you may receive a check in the mail. If you previously received a check or an EIP card, that will likely be the method you receive this latest payment.
The first wave of stimulus deposits from the American Rescue Plan Act is currently being sent out. If you are part of the first wave and see the funds pending in your account, those funds will be available on Sunday, March 14th. If you do not see the pending deposit, there’s a chance that you might be getting your stimulus payment in a future wave.
We encourage our members to continue checking Online and Mobile Banking for future pending deposits. Members can also check their account balances with ASK EVA and receive balance alerts by following the steps in this tutorial.
For the latest information about stimulus payments, visit www.irs.gov.