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Welcome To The Insighter!

Explore the latest happenings at Kirtland FCU and learn about important topics from around the financial world. Here’s your insight!
To learn about retirements, investments and financial planning, check out Invested now.

The American Rescue Plan: What You Need to Know

03/11/2021
Ashleigh, Staff

The U.S. Congress passed the third wave of federal relief—a.k.a., stimulus bill— on March 10, promising financial relief to individuals, businesses, states and local governments. And yes, most Americans will be getting another check from this particular package.
 

How big of a check?

Well, that depends on how much money you made last year (if you’ve already filed your 2020 return) or the year before (if you haven’t yet filed). The thresholds for direct payments from the ARP have lower cutoffs than with previous bills, so some families who received a check in the last round will see either no check or a reduced amount.

Individuals earning up to $75,000 and couples earning up to $150,000 would receive the full direct payments of $1,400 per person. Individuals will also receive an additional $1,400 payment for each dependent claimed on their tax returns. For individuals making between $75,000 and $80,000 (and couples making between $150,000 and $160,000), a partial payment will go out. Individuals earning above $80,000 (or couples earning above $160,000) will not receive a direct payment at all.

That $1,400 includes any dependents as well. For example, a family of four whose parents make $80,000 and file jointly, can expect to receive $5,600 in direct payment from the ARP.

Due to an expanded Child Tax Credit included in the plan, that same family with children ages 8 and 5 will receive $2,600 more in tax credits than they did previously. The new Child Tax Credit is $3,000 for children ages 6–17 and $3,600 for children under 6. Right now, the plan is to issue a portion of the credit over the course of a year in the form of direct payments up to $300 per child per month. Congress has not yet decided how to execute this portion of the bill, however, and more information will be available soon. The payments would not start until mid-summer. The credit is, again, dependent on income. Couples with an income less than $150,000 a year (or $75,000 per year for an individual with a child) are eligible for the full credit amount.
 

When will the money arrive?

Again, that depends. If you’ve previously authorized direct deposit with the government during tax filing in order to receive your refund, you can expect those direct payments to begin dropping automatically into those accounts as early as March 17.
 

“For tax returns with direct deposit or bank account information, the IRS will be able to send money electronically. For those households for which Treasury cannot determine a bank account, paper checks or debit cards will be sent.”

 

How will I know the money has arrived?

The easiest way to keep track is to check the account listed with the IRS via Online or Mobile Banking. The IRS, as of March 11, 2021, says they are currently reviewing implementation plans, though with the president's signature on Thursday, March 11, the IRS should have more information posted very soon. Kirtland Federal Credit Union will deposit Economic Impact Payments into your account upon receipt of the funds from the Federal Reserve.

Check your payment status here.

If you are expecting a paper check, keep an eye on your mailbox for the next few weeks. Once you receive your direct payment (or are receiving your Child Tax Credit payments), you can deposit those checks quickly and easily with your phone or tablet with our Mobile Banking app. No need to come into a branch (unless you want to. We’d love to see you!)

Stay up to date with the latest COVID-19 updates by bookmarking the COVID-19 Updates page.
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