Put on notice: <\/strong>Private debt collectors can seize $1,400 coronavirus relief checks to pay creditors<\/span><\/p>\n The latest round of stimulus checks of up to $1,400 will start landing in bank accounts this weekend via direct deposit. (Photo: Getty Images)<\/span><\/p>\n Later Thursday, Biden was set to deliver a prime-time address to the nation, the first step in an extensive outreach campaign explaining the massive spending package.<\/p>\n Under the new law, individuals with an adjusted gross income of $80,000 or less ($160,000 for joint filers) are eligible for a one-time payment of up to $1,400, plus an additional $1,400 for each dependent child. The payments start to phase out for individuals earning $75,000 and will cut off completely for anyone who makes more than $80,000.<\/p>\n For couples filing jointly, the phaseout starts for those making $150,000 and cuts off at $160,000. For those filing as head of household, the phaseout begins at $112,500 and cuts off at $120,000.<\/p>\n Most Americans will receive the payments via direct deposit. Those who don’t will receive a debit card or a paper check, which will take longer to distribute.<\/p>\n The Internal Revenue Service will use tax returns on file to calculate how much money people will get. If recipients have already filed a return for 2020, their check will be based on their income from last year. If not, their 2019 returns will probably be used to determine how much they’ll get.<\/p>\n![](\"https:\/\/www.gannett-cdn.com\/-mm-\/5c8bf163d61d56de560dacb3f845b9116f1adc6e\/c=118-0-2003-1414\/local\/-\/media\/2021\/03\/10\/USATODAY\/usatsports\/MotleyFool-TMOT-b2359f4f-us-treasury-check.jpg?width=540&height=405&fit=crop\")
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