RALEIGH, N.C. (WNCN) — Stimulus money from the American Rescue Plan should start flowing this weekend according to the White House.
The treasury believes most Americans who are eligible will get the full amount.
“This historic legislation is about rebuilding the backbone of this country,” said President Briden when he signed the bill. “It’s about giving people, working people, middle-class folks, people who built the country a fighting chance.”
Under the bill, Individuals earning $75,000 a year or less will get a check for $1,400. Married couples making under $150,000 a year will get a $2,800 dollar check.
“I’m anxious,” said Raleigh resident J.R. South. “It’s a good thing.”
Your stimulus fund will be based on your 2019 or 2020 tax return–whichever was processed most recently by the IRS as it calculates your 3rd stimulus payment.
Some people CBS 17 spoke with aren’t rushing to file their latest return because it could change the amount of their payment depending on their latest income.
Others say they aren’t worried about the IRS calculating their refund based on their latest return.
Jina Mosley-Woodard said she hasn’t filed her 2020 return yet, but “Plans to file it this week.” She said she “would not wait to get her stimulus” before she filed.
The size of the payment will gradually decrease for individuals who earned more than those $75,000 or couples that earned more than $150,000 until it disappears entirely for higher-income households topping $80,000 or $160,000.
Although the first wave of payments will start going out by direct deposit within days it will take months for all the payments to be disbursed.
“A lot of people need it and it will be a help to some people,” said South. “I hope they spend it wisely.”
If you’re looking for IRS help to calculate your payment—The IRS’s refund tool calculator is temporarily offline as the agency tries to update its database to show what people would be getting under the third stimulus.
One other thing, if you are issued a payment in the name of a loved one or relative who died between now and last year, the IRS says that money must be returned.
The agency tells you how to do that here.
The IRS says only living recipients are eligible.