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In accordance with the American Rescue Plan Act of 2021, signed into law by President Joe Biden on March 11, 2021, the Internal revenue service is now sending out 2021 Economic Impact Payments. The first batch of payments will be sent by direct deposit, which some recipients started receiving as early as Friday, March 12. Most will be deposited starting Wednesday, March 17.
Additional batches of payments will be sent in the coming weeks by direct deposit and through the mail as a check or debit card.
In general, most people will get $1,400 for themselves and $1,400 for each of their qualifying dependents claimed on their tax return. As with the first two Economic Impact Payments in 2020, most Americans will receive their money without having to take any action. Payments will begin to be reduced for individuals making $75,000 or above in Adjusted Gross Income ($150,000 for married filing jointly.) The reduced payments end at $80,000 for individual
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Mar 10, 2021 12:41 AM EST
(Photo : Getty Images/Alex Wong) WASHINGTON, DC - MARCH 08: U.S. President Joe Biden delivers remarks on International Women’s Day as (L-R) Vice President Kamala Harris, Air Force General Jacqueline Van Ovost, Army Lieutenant General Laura Richardson and Secretary of Defense Lloyd Austin listen during an announcement at the East Room of the White House March 8, 2021 in Washington, DC. President Biden announced the nominations of General Van Ovost and Lieutenant General Richardson to positions as 4-star combatant commanders. They will become the second and the third women to lead a combatant command in American history.
President Joe Biden will not be attaching his signature to the $1,400 relief checks that are expected to be mailed soon a break with his predecessor who last year had “President Donald J. Trump” printed on the economic impact payments approved by Congress.