CORONAVIRUS

IRS Says New Round Of COVID Relief Payments On The Way

Mar 12, 2021, 5:56 PM
(KSL TV)...
(KSL TV)
(KSL TV)

WASHINGTON (AP) — Along with daylight saving time, this weekend could bring Americans fatter bank balances.

Officials at the Treasury Department and Internal Revenue Service said Friday that processing of the new round of stimulus payments has already begun, with the aim of having the first payments start showing up in bank accounts this weekend.

President Joe Biden signed the new $1.9 trillion rescue package on Thursday, the day after it won final passage in the House. The measure provides for payments to qualifying individuals of up to $1,400, with payments to a qualifying family of four of $5,600.

“The payments will be delivered automatically to taxpayers even as the IRS continues delivering regular tax refunds,” IRS Commissioner Chuck Rettig said in a statement.

It is estimated that 85% of Americans will be eligible for the payments and the goal is to have millions of the payments disbursed in the next few weeks.

The relief measure, which passed on party-line votes in both the House and Senate, contains the third round of economic-impact payments. The first round passed last spring provided up to $2,000 per individual, and a second round of payments in December provided up to $600 per individual.

The latest package passed with no votes from Republicans, who objected to the size of the measure and argued it was not necessary given signs that the economy is beginning to recover.

Then-President Donald Trump called the payments in the $900 billion relief bill passed in December too small and Biden agreed, pushing the total for an individual up to $1,400 in the new package.

The latest round of relief payments will provide households with $1,400 for each adult, child and adult dependent, such as college students or elderly relatives. Adult dependents were not eligible to receive payments in the previous two rounds of payments.

The payments start declining for an individual once adjusted gross income exceeds $75,000 and go to zero once income hits $80,000. The payment starts declining for married couples when income exceeds $150,000 and goes to zero at $160,000.

Officials said that beginning on Monday, people can check the “Get My Payment” tool on the IRS.gov website to track their own payments.

Taxpayers who have provided bank information with the IRS will receive the direct-deposit payments, while others will get paper checks or debit cards mailed to them.

Officials said in the interest of speeding up the relief payments, the IRS will use the latest tax return available, either the 2019 return filed last year or the 2020 return that is due by April 15.

If a person’s job situation changed last year because of the pandemic, which led to millions of people losing jobs or being forced to work reduced hours, officials said that the IRS will adjust the size of the new impact payments after the 2020 return has been filed and provide a supplemental payment if that is called for. Officials said those adjustments will be made automatically by the IRS for people who have already filed their 2020 returns.

Officials said they wanted to handle the payments this way rather than waiting for the 2020 tax return to be filed in the interest of speeding payments to taxpayers.

KSL 5 TV Live

Top Stories

Coronavirus

...
Ashley Moser

Flu, COVID and RSV all trending down for the first time in months, says CDC

Major respiratory illnesses are all trending down for the first time since September, according to the CDC.
11 days ago
FILE PHOTO (Photo by Matthew Hatcher/Getty Images)...
Josh Ellis

Utah doctor, others charged with running COVID vaccine scheme, issuing fake records and giving fake shots

A Utah plastic surgeon, his medical corporation and three others have been charged after prosecutors say they issued fake COVID-19 vaccination record cards and injected minors with saline shots.
17 days ago
Dr. Angela Dunn, executive director of Salt Lake County Health Department, left, discusses schoolch...
Michael Houck

Salt Lake County ends its COVID-19 emergency status

After nearly three years, the Salt Lake County Health Department ended its COVID emergency status Tuesday. 
25 days ago
FILE: People line up in their cars as members of the Utah National Guard give COVID-19 swab tests a...
Eliza Pace

Gov. Cox, along with 24 other governors, call on President Biden to end Federal Public Health Emergency

Gov. Spencer Cox signed a letter with 24 other governors calling on President Joe Biden to end the federal public health emergency over the COVID-19 pandemic.
2 months ago
U.S. President Joe Biden welcomes guests to the East Room of the White House on December 14, 2022 i...
ZEKE MILLER, AP White House Correspondent

White House reveals winter COVID-19 plans, more free tests

The Biden administration is again making some free COVID-19 tests available to all U.S. households as it unveils its contingency plans for potential coronavirus surges this winter.
2 months ago
FILE - Florida Gov. Ron DeSantis speaks during a news conference, Feb. 1, 2022, in Miami. Gov. DeSa...
FREIDA FRISARO, Associated Press

DeSantis seeks grand jury investigation of COVID-19 vaccines

Florida Gov. Ron DeSantis is asking the state’s Supreme Court to convene a grand jury to investigate “any and all wrongdoing” with respect to the COVID-19 vaccines.
2 months ago

Sponsored Articles

vintage photo of lighting showroom featuring chandeliers, lamps, wall lights and mirrors...
Lighting Design

History of Lighting Design | Over 25 Years of Providing Utah With the Latest Trends and Styles

Read about the history of Lighting Design, a family-owned and operated business that paved the way for the lighting industry in Utah.
Fiber Optical cables connected to an optic ports and Network cables connected to ethernet ports...
Brian Huston, CE and Anthony Perkins, BICSI

Why Every Business Needs a Structured Cabling System

A structured cabling system benefits businesses by giving you faster processing speeds and making your network more efficient and reliable.
notebook with password notes highlighted...
PC Laptops

How to Create Strong Passwords You Can Actually Remember

Learn how you can create strong passwords that are actually easy to remember! In a short time you can create new ones in seconds.
house with for rent sign posted...
Chase Harrington, president and COO of Entrata

Top 5 Reasons You May Want to Consider Apartment Life Over Owning a Home

There are many benefits of renting that can be overshadowed by the allure of buying a home. Here are five reasons why renting might be right for you.
Festive kitchen in Christmas decorations. Christmas dining room....
Lighting Design

6 Holiday Decor Trends to Try in 2022

We've rounded out the top 6 holiday decor trends for 2022 so you can be ahead of the game before you start shopping. 
Happy diverse college or university students are having fun on their graduation day...
BYU MBA at the Marriott School of Business

How to Choose What MBA Program is Right for You: Take this Quiz Before You Apply!

Wondering what MBA program is right for you? Take this quiz before you apply to see if it will help you meet your goals.
IRS Says New Round Of COVID Relief Payments On The Way