Stimulus check update: Near-final details on income limit, timeline, IRS calculationsMarch 7, 2021
A before the end of the week. While there’s an outside chance details on the in a significant way between now and then, the Senate already made that affect who , and .is hurtling toward reality, with the potentially becoming law
We also have a good idea of how theapproved in 2020, such as how count this time, changes to eligibility and in whether you’ll get a payment and when.
Here’s everything we know so far, including how the next bill could totalfor your family. For more on , here’s guidance on how to and information on determining if you may need to file an . This story is frequently updated.
What’s the third stimulus check payment timeline?
Right now, it looks like Congress will meet its deadline for President Joe Biden to sign the stimulus bill by March 14, the date current. When your check may arrive is a bit more complicated. However, we’ve mapped out some possibilities for by the end of March or in early April — and how long delivery of the checks could last.
Could anything delay the third payment?
Outside of Congress, the IRS has a full plate now that we’re in, with an April 15 deadline for taxpayers to submit their returns. It can take months for the IRS to process the payments, even without being stretched thin because of the ongoing pandemic, a backlog from 2019’s taxes and the job of processing another round of stimulus payments — — for more than 100 million households. Here’s what to know about . Read more below for which tax year the IRS will use for you.
What’s the income limit for a third check?
Thecomes with a $1,400-per-person maximum. To to lower- and middle-income households, the legislation is likely to include eligibility rules that exclude individuals and families at the highest income levels. An individual with an (adjusted gross income) of at least $80,000 a year would hit the payment cutoff, as would a head of household earning $120,000 and a couple filing jointly with an AGI of $160,000.
However, any. But unlike the first two stimulus payments, people above the hard upper limit wouldn’t be able to get a partial check by having dependents. Here’s how the . If you want to see for yourself, try our .
Stimulus check income limits (March 6 version)
|Full $1,400 per person maximum (based on AGI)||Not eligible (based on AGI)|
|Single taxpayer||Less than $75,000||$80,000 or more|
|Head of household||Less than $112,500||$120,000 or more|
|Married couple filing jointly||Less than $150,000||$160,000 or more|
Will the IRS use my 2019 or 2020 taxes to calculate my stimulus payment?
Tax season and the timing of awill most likely overlap. What that means is that the IRS will likely base your total on , whichever it has on hand when it determines the size of your payment. If you based on , but your check was lower because the IRS based it on your 2019 taxes, when you file in 2022.
Here’s how your check could be affected if you, and what would happen .
How long will the IRS have to send my payment?
The IRS and the Department of the Treasury took just days to, starting shortly after former President Donald Trump signed . 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, .)
The IRS would have until Dec. 31, 2021 to automatically send a third check to recipients, with taxpayers andclaiming any missing money as a or something like it, in 2022. Here are more possible scenarios for the .
Can I do anything to get my payment faster?
Yourare tightly intertwined. There are some important things to know about how your taxes can affect whether you’d qualify for a third stimulus check, depending on both the and your 2020 . But taxes are now also tied to any from the first two checks that you or . Some members of Congress have asked the IRS to , but we haven’t heard more on this.
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. If you know.
How could qualifications expand?
While the hard income cap will, the third stimulus check would also extend qualifications to . That includes college students, and dependents of all ages with disabilities (not just those under 17 years old.)
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 people who are undocumented workers would in the third round.
Who might get less stimulus money this time?
There are several ways you couldapproved by Congress. We explore that that may have an effect, such as if you got a raise in the past year or if you claim fewer dependents this time around. Here’s who .
Why others could expect a larger payment this time
A larger maximum total per person is an obvious way your household would see more money from a third check, but there’s more to it than that. Since the upper limit for thewith 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 in 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 information about other funding that could be in the , how to and everything your (and the other way around.)