Stimulus checks are coming, here’s what you should know

Uncle Sam is going to show Americans the money — most of them, anyway.

One-time payments of up to $1,400 for individuals, up to $2,800 for couples and up to another $1,400 per dependent were passed as part of the stimulus package approved in the Senate over the weekend.

First, the bad news: Not everyone qualifies.

Single adults making up to $75,000 in gross income will get full payments. The ceiling is $112,500 for individuals who file their taxes as heads of households. It goes up to $150,000 for couples who file jointly.

Smaller checks will go to individuals making up to $80,000; heads of household earning up to $120,000, and couples, $160,000. Those who rake in more than that will get zilch for themselves, but will still get checks for dependents.

Payments will be made based upon your latest taxes. If you’ve already filed your 2020 taxes, the IRS may base your stimulus payment on that, according to the website CNET.

While Congress hasn’t said when the payments will go out, the last round of stimulus funding was forwarded days after the legislation passed, according to The Washington Post.

The IRS previously used a mix of checks, direct deposits and prepaid debt cards. You’re not guaranteed to get paid the same way this time around, the Post noted.

The latest stimulus expands criteria for dependents to include adults; it was previously those age 16 and younger.

Along with the one-time payments, low-income families are projected to get monthly checks of up to $300 for young children and $250 for those age 5 and older for a year, The New York Times found Sunday. The funds would go toward 93% of kids in the U.S., the newspaper reported.

The policy, presented as an extension of existing tax credits, could revolutionize the country’s approach to child aid.

“The crystallization of the child tax credit and what it can do to lift children and families out of poverty is extraordinary,” Rep. Rosa DeLauro (D-Conn.) was quoted as saying. “We’ve been talking about this for years.”