A new economic stimulus package that includes another round of checks for families affected by the pandemic in the United States will soon begin reaching millions of homes across the country.
It is the third economic rescue plan approved since the pandemic began in March 2020.
This new economic relief includes a new round of direct payments, this time for $ 1,400 per taxpayer, and tax credits of up to $ 3,600 for each child.
Who will get the money?
Taxpayers who earn less than $ 75,000 a year will receive a direct payment of $ 1,400, as well as couples who collectively earn up to $ 150,000.
People who earn between $ 75,000 and $ 80,000 would still receive the aid, but it would be less than $ 1,400. The same goes for couples who earn between $ 150,000 and $ 160,000.
Those who earn more than these amounts will not receive direct payments.
Will there be any help per child?
The aid package includes tax credits of $ 3,000 for children under 17 years of age and of $ 3,600 for children under 5 years of age. This tax credit will be for the 2021 tax return, but families could start receiving certain amounts starting in July of this year.
Will all of us who got the benefit in the past get it now?
No. Biden accepted the Democrats’ request to modify the eligibility of those who will be eligible for financial aid. This means that taxpayers who earn more than $ 80,000 and couples with incomes greater than $ 160,000 would not receive money.
If I am not a citizen, but a legal US resident, will I be able to receive the payment?
Yes, as long as you have a Social Security number.
And the undocumented?
No, the undocumented were excluded again in this economic stimulus package. A valid Social Security number is required in order to receive the benefit. In the event that taxpayers pay their taxes with a Personal Taxpayer Identification Number (ITIN), they will also be left out.
How will the $ 1,400 aid be sent?
If the IRS has your bank account information on file, the money will be sent via direct deposit, as in the past.
Otherwise, the IRS will send a paper check to your address. Make sure your personal information is up to date in the IRS system.
When will I receive my payment?
President Joe Biden will sanction the bill this Friday. The White House estimates that by the end of March millions of families will have received the benefit.
Do I have to pay taxes on that money?
No, and neither did the previous stimulus packages.
What if I am married to an undocumented person?
You would receive the benefit, but your spouse will be left out. The same is true for your children: all family members without Social Security will not receive the aid approved by Congress.
Will Biden sign the paper checks, like Trump did?
So far it is not known. The White House has not commented on this possibility.