More stimulus check details emerge: Payment size, new qualifications, speedier timelineFebruary 6, 2021
President Joe Biden’sand the of came another step closer to reality this week. On Friday, the for the proposal that could allow Democrats to . However, the next payment also could come with a catch. It seems likely the checks will be — so, while would than they did with the first or , a change to the also could result in no money at all.
We’ll walk you through what it all means so far, from the proposed $1,400 upper limit to ways that more groups would be eligible, to all the ways. We’ll also explain a that Democratic Senate leaders are preparing to wield, as well as what happens if a payment were to arrive . For example, would it affect your and ?
Here’s everything we know so far about a, including how you can to . This story was recently updated with new information.
What is a ‘targeted’ stimulus check, and why do some lawmakers want it?
Biden is resolute in a $1,400 stimulus check maximum per person: “I’m not cutting the size of the checks. They’re going to be $1,400. Period. That’s what the American people were promised,” he said Feb. 5. Biden’s statement effectively killed a $618 billion proposal from a group of moderate Republicans who advanced the notion of a limited $1,000 stimulus check.
The simple explanation is that some people are concerned that a stimulus check for $1,400 would go out to a proportion of people with relatively high income levels. If the bill is targeted toward lower income people, then, for example, using our, a person could make $102,900 per year (in ) and still get a partial payment of $5.
“We need to target that money,” Biden added. “So, folks making $300,000 don’t get any windfall.”
One way would be to change thethat was used in the first two checks. Another would be to present an arbitrary cutoff (e.g., a check would only go out to people who make under a certain amount per year, as per their AGI). A third could be to lower the maximum amount of the next stimulus payment (because, math). Our .
The new stimulus check timeline may be fast-tracked
With a plan in place to useto pass a , the the previously projected mid-March timeline. But whenever it does pass, assuming that happens, it doesn’t mean you’d get your funds immediately.
There are a lot of variables that could affect you personally, based on the first check, and others we won’t know until we can pore over the text of a final stimulus bill. For example,could have a dramatic effect on — we’ll just have to see how it all pans out. Meanwhile, we’ve mapped out some dates a , depending on who you are.
How quickly would the IRS send out the third check? Would there be another deadline?
The IRS and Department of the Treasury set a blistering pace to, starting within days of former President Donald Trump signing . They had no choice. The language of the bill provided only a 17-day window to send the checks. There were , and now will have to . (Yes, .)
It’s too soon to say if the IRS would automatically send a third check to recipients as they have done with the, or if the money would be wrapped up into a or something like it. We walk through more possible scenarios for the .
Is there any way to get my third check faster?
Possibly. Yourare tightly intertwined. There are some important things to know about how your taxes can affect whether you’d qualify or not, depending on both the and your 2020 . But taxes are now also tied to any you or . If you file your taxes sooner, you can get a than if you, for example, file a tax extension. We also recommend setting up to get a catch-up payment faster — and potentially a .
Could stimulus check qualifications change with the third payment?
Biden proposes two changes that have been popular among Democratic lawmakers. The first would expand qualifications to People’s Policy Project, like college students, and dependents of all ages with disabilities (not just those under 17 years old)., including 13.5 million more people, according to the
The second change to eligibility would include all “” with one or more family members who aren’t US citizens. An example would be parents who aren’t US citizens, but their US-born children are. The second stimulus checks .
Some families could get more money next time, even with a targeted check
A larger maximum total per person is an obvious way your household would see more money from a third check over the second, but there’s more to it than that. Since the upper limit for the, with an extra (according to , more people hit the upper income limit for receiving a second payment. And that means they at all.
A third stimulus check could make more groups of people(namely who pay taxes), and bring a larger total check to qualified individuals and their families. A change to your circumstances might also mean you qualify for more money this time. Here are other ways a in your pocket.
If a $1,400 payment is approved, could some people still get $2,000?
Biden’s stimulus plan calls for the next check to max out at $1,400 per eligible adult — not the $2,000 some originally expected. The idea is that this third check “raises” the $600 maximum set out in the second stimulus check to $2,000, once you combine the per-person payment totals — but without factoring in.
One question is whether, if the qualifications were extended to new groups of people who weren’t included in the first round, the new recipients could get the entire $2,000 sum. There hasn’t been significant public discussion around the topic, so it’s one we’ll continue to monitor — but we wouldn’t necessarily hold our breath.
For more information about, here’s other funding that could be in the , how to and everything your (and the other way around).