Stimulus check details we know now: New payment size, timeline, who would be eligibleFebruary 20, 2021
What’s happening with? Plenty. As the House of Representatives tees up a vote on a for the end of next week, there’s a rush of activity over when a , how much money you could personally get (along with other benefits, like a and ).
Meanwhile, there’s still uncertainty, and a lot of details to cover, including if you and yourcould for or , what happens to your , and how you could get more money or less as a result of new and .
We’ll tell you everything you need to know, including how to, including . For example, do you need to file for an ? (And here’s the 411 on an .) This story was recently updated.
Will the IRS base a third stimulus check on your 2019 or 2020 taxes?
The confluence of tax season with ais a huge part of the conversation. The bottom line is that the IRS would likely base your total on , whichever it has most recently on file at the time of payment. However, there are some important details that need to be confirmed about what happens if you based on , but your check was issued based on your 2019 taxes, and .
How quickly could Congress pass a third stimulus check?
Thecould clear the House of Representatives by this month and then go to the Senate for approval, if House Speaker Nancy Pelosi and other Democrats have their way, before Congress sends it to Biden to approve by March 14. If the Democrats’ plan to , a later in March for the first wave of recipients. But whenever the bill does pass (assuming that happens), it doesn’t mean everyone would get their funds immediately.
There are many variables that could affect you personally. For example, thecould have a dramatic effect on ( see above) — we’ll just have to see how it all pans out. Meanwhile, we’ve mapped out some dates the IRS and Treasury , depending on who you are.
What’s going on now with the ‘targeted’ stimulus check proposal?
Right now, Democrats envision thewith a $1,400-per-person maximum, but income limits and changes to certain rules for it would “ ” the money to Americans with lower and middle incomes. The idea is, those individuals and families with the highest incomes would be excluded from a check.
The latest proposal (PDF) would draw a line in the sand to exclude individual taxpayers with an (adjusted gross income) of at least $100,000 a year, heads of household earning $150,000 a year and couples earning $200,000. This is a hard cutoff.
In a significant change,, but unlike the first two payments, people who make more than the upper limit wouldn’t be able to claim a partial check by having dependents. Read more about how the . Try our to see how it could affect your situation.
Stimulus check proposal for income limits
|Full $1,400 per person maximum (based on AGI)||Not eligible (based on AGI)|
|Single taxpayer||Less than $75,000||$100,000 or more|
|Head of household||Less than $112,500||$150,000 or more|
|Married couple filing jointly||Less than $150,000||$200,000 or more|
When could the IRS actually send out a third check? Would it have another deadline?
The IRS and the 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 appears that the IRS would automatically send a third check to recipients as it has done with the, with taxpayers and claiming any missing money in a or something like it, for the 2021 tax season in 2022. We walk through more possible scenarios for the .
What can I do to get my third stimulus check faster?
Yourare tightly intertwined. There are some important things to know about how your taxes can affect whether you’d qualify, 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 athan if you, for example, file a tax extension. We also recommend setting up to get a catch-up payment faster — and potentially get a faster, too. And if you know.
What else could change with a third stimulus payment?
Besides possibly setting a hard income cap to qualify, the proposal embraces two changes that have been popular among Democratic lawmakers. The first would expand qualifications to People’s Policy Project. That includes 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 . However, it doesn’t appear that people who are undocumented workers would in the third round.
Why some people might get a smaller portion of stimulus money in the third round of checks
A targeted income limit that cuts off all households above a certain threshold is one way a household could, but there are others, too. We explore that could have an effect, like if you got a raise in the past year, or if you claim fewer dependents this time around.
Why others could get more money in the third round, even if it’s 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, including possible $1,400 payments to dependents. A change to your circumstances might also mean you qualify for more money this time. Here are other ways a in your pocket.
For more information about, here’s other funding that could be in the , how to and everything your (and the other way around).