checks | Common News Update

Mar262021 by adminNo Comments

30 million people may receive $1,400 stimulus checks after Social Security Administration provides payment information to IRS

Finance

zimmytws | iStock | Getty ImagesThe Social Security Administration has sent information to the IRS that will help clear the way for almost 30 million people to receive their $ 1,400 stimulus checks, lawmakers said on Thursday.The development comes after Democratic leaders on the House Ways and Means Committee gave the agency 24 hours to turn over the payment information so that the IRS could process the payments.In a statement, the lawmakers, led by House Ways and Means Committee Chair Richard Neal, D-Mass., blamed Social Security Commissioner Andrew Saul for the delays, which "defied congressional intent and imposed needless anxiety and pain on taxpayers."In response, Saul released a statement on Thursday strongly denying those claims.Saul said the Social Security Administration was init...

Mar232021 by adminNo Comments

Some $1,400 stimulus checks will be mailed payments. It’s not junk mail, so here’s how to make sure you don’t miss them

Finance

Getty ImagesNew $ 1,400 stimulus checks could be landing in your mailbox soon.Government agencies including the Treasury Department, IRS and Bureau of the Fiscal Service on Monday announced a second batch of payments will be sent this week.While that includes more direct deposit payments, it also includes a large number of mailed paper checks or prepaid debit cards."Since this new set of payments will include more mailed payments, we urge people to carefully watch their mail for a check or debit card in the coming weeks," IRS Commissioner Chuck Rettig said in a statement.The third stimulus checks were authorized when the American Rescue Plan was passed earlier this month.The payments will include up to $ 1,400 per person, plus $ 1,400 per adult or child dependent, provided individuals a...

Mar202021 by adminNo Comments

$1,400 stimulus checks could be garnished. Some lawmakers are pushing to change that

Finance

Getty ImagesAs the government pushes millions of $ 1,400 stimulus checks out the door, some Americans could come up empty handed.The reason: overdue unpaid debts.The issue prompted Capitol Hill lawmakers to enter into a crossfire of sorts on Thursday over whether or not those checks can be garnished, as some looked to change the policy.That's after the Treasury Department and IRS announced on Wednesday that 90 million checks have gone out thus far by direct deposit.More from Personal Finance:The IRS has issued more than 42.5 million refunds this tax seasonHow to cut your income to grab the $ 10,200 unemployment tax break Struggling households would put off paying these bills if necessary"We know predatory debt collectors are already lining up to try to take a cut of those checks," Sen. S...

Mar122021 by adminNo Comments

Stimulus checks and expanded tax credits: Here’s how much money you could end up with

Finance

Getty ImagesBetween stimulus checks and expanded tax credits in the latest Covid-relief package, most U.S. households are poised to get some extra cash.The amount? An average of $ 3,450 for the bottom 60% of earners ($ 65,000 or less), according to research from the Institute on Taxation and Economic Policy. The number reflects direct stimulus payments and expansions of both the child tax credit and the earned income tax credit."The people you'd think need the help are going to get it," said Steve Wamhoff, director of federal tax policy for the institute.More from Smart Tax Planning:This tax pitfall could affect millions due to CovidState tax departments set their sights on pro athletesPeople fled from these high-tax states in 2020Congress on Wednesday gave final approval to the so-calle...

Mar112021 by adminNo Comments

First $1,400 stimulus checks will go to those with direct deposit

Finance

Ting Shen/Xinhua via Getty ImagesThe federal government will issue the first batch of $ 1,400 stimulus checks to Americans who gave direct deposit information when they filed taxes for 2019 or 2020, a Treasury Department official confirmed to NBC.The $ 1.9 trillion American Rescue Plan offers one-time direct payments to those who qualify — the third round of stimulus checks since the pandemic began.President Joe Biden signed the Covid relief bill on Thursday.More from Personal Finance:New $ 1,400 stimulus checks could be garnished for unpaid debtsWhat to know about unemployment benefits in the American Rescue PlanDisabled Americans may want to save their stimulus money in this accountSome Americans will receive stimulus checks as soon as this weekend, the White House said Thursday.The i...