Americans pittance of $1400 finally on the way after 9 mo and $ billions on enem

[powderman]

   
Americans pittance of $1400 finally on the way after 9 mo and $ billions on enem
« on: Today at 01:06:50 PM

https://www.foxbusiness.com/economy/banks-processing-stimulus-checks#&_intcmp=hp1bt5,hp1bt

Banks start processing $1,400 federal stimulus checks
March 17 is the official payment date

By Audrey ConklinFOXBusiness
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Americans may regret coronavirus stimulus checks, Karl Rove says
Banks have begun processing $1,400 federal stimulus checks for many Americans as part of President Biden's $1.9 trillion COVID-19 relief package.

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The Internal Revenue Service announced Friday that the third round of federal stimulus checks would go out "over the next week."

The IRS confirmed to Fox Business on Saturday that March 17 is the official payment date, though some banks have started processing the checks, so payments may show up earlier in some accounts and later in others.

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More payments will be sent "in the coming weeks by direct deposit" or in the mail as checks or debit cards, though the "vast majority" will be direct deposits, the IRS said in a Friday press release.


Wells Fargo, Chase and Navy Federal Credit Union have said that customers eligible for stimulus payments may receive them as early as March 17. J.P. Morgan and Citigroup did not immediately respond to inquiries from Fox Business.


The one-time checks will be distributed to individuals with adjusted gross incomes of $75,000 or less and couples with an adjusted gross income of $150,000 or less.

Americans with adjusted gross incomes of $80,000 or less and couples who earn $160,000 a year or less are eligible for partial stimulus payments.

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For those filing as head of household, the cutoff for stimulus eligibility begins at $112,500 and tapers off at $120,000.

The payments will likely be based on the income you reported in your 2020 tax return, but if you haven't filed it yet, the government will use your 2019 return to calculate how much you're owed.

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In most cases, taxpayers will not have to do anything to receive the direct deposits, though people can check the "Get My Payment" tool on the IRS website to check the status of their checks.

"Even though the tax season is in full swing, IRS employees again worked around the clock to quickly deliver help to millions of Americans struggling to cope with this historic pandemic," IRS Commissioner Chuck Rettig said in a Friday statement.

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He continued: "The payments will be delivered automatically to taxpayers even as the IRS continues delivering regular tax refunds. We urge people to visit IRS.gov for the latest details on the stimulus payments, other new tax law provisions and tax season updates.”

Fox Business' Megan Henney contributed to this report.

[Dee]

And our dollar gets smaller and smaller.

[Argent 88]

And our dollar gets smaller and smaller.

If your in default on credit, or a medical bill. As if your unemployed or have been laid off due to Biden .The collection agency's can garnish this money this time . And they are lining up to do just that.  Catch 22.
I know I will hear from  I, I, I, from those who have no worries. But a lot of folks who were doing just fine got blind sided and have lost thier jobs. Thanks to Biden.

[Argent 88]

https://fortune.com/2021/03/12/stimulus-check-3-can-debt-collectors-garnish-3rd-round-stimulus-checks-payments-direct-deposit-irs-update/

While millions of Americans are eagerly awaiting the third round of stimulus checks from the government, the people who need the money the most might never get their hands on the $1,400 relief payment.

Debt collectors, who weren’t able to garnish stimulus checks in previous rounds, will now be able to seize the money. It’s an Achilles’ heel in the $1.9 trillion American Rescue Plan that could keep the payments from using the money for urgent expenses like food and housing.

The change in exemption comes because the relief package was passed via budget reconciliation, rather than as a stand-alone bill. That let Democrats avoid a possible filibuster from Republicans, but it created the opening for collectors.
Banking groups are urging Congress to close that loophole.

"We believe it is imperative that Congress ensure that these next stimulus payments are treated as ‘benefits’ subject to the federal exemption from garnishment,” a group led by the American Bankers Association wrote in a letter to congressional leaders Tuesday. “Otherwise, the families that most need this money—those struggling with debt and whose entire bank accounts may be frozen by garnishment orders—will not be able to access their funds.”


And Oregon Sen. Ron Wyden (D), chairman of the Senate Finance Committee, said he intends to file separate legislation to do just that.

With checks going out as soon as this weekend, though, there’s no guarantee that legislation will pass in time. While stimulus money can’t be seized to pay back taxes, child support, or government debts, private collectors—especially aggressive ones—could make a run for the money when it hits bank accounts.

The latest stimulus bill will feature the largest cash payments to citizens yet. Individuals earning $75,000 or less are eligible to receive $1,400, and couples earning $150,000 or less will receive a check worth $2,800. Households will receive an additional $1,400 for each dependent child.