By the end of this week, the details of theshould be smoothed out, giving us a better idea of you could receive this time. Currently, the House of Representatives is working on finalizing the payment details as part of President Joe Biden’s , with a goal of having Biden sign the final legislation before the middle of March. Along with establishing how soon the and , the bill could include a and .
During discussions, Congress will need to tie up any loose ends of the proposal, including whether you and yourcould for a new payment (or entirely). They also need to clarify what happens if the IRS has to , and how you could get more money (or less) as a result of new and .
We’ll tell you everything you need to know, such as how to, including , and whether you need to file for an . (And here’s the 411 on an .) This story was recently updated.
What’s the current status of the third check?
The new stimulus bill and its third check are close. By Sunday, Feb. 28, the House plans to pass its version of the bill and then send the legislation to the Senate, which could send it on to Biden to sign by March 14. “We will meet this deadline,” Senate Majority Leader Chuck Schumer told Senate Democrats on Feb. 19.
The current bill, which the House will continue to fine-tune this week, includes a , with a $1,400-per-person maximum. To to lower- and middle-income households, the legislation will include eligibility rules that exclude individuals and families at the highest income levels. An individual with an (adjusted gross income) of at least $100,000 a year would hit the payment cutoff, as would a head of household earning $150,000 and a couple filing jointly with an AGI of $200,000.
However, any, but unlike with the first two 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 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|
Will the third stimulus payment be based on your 2019 or 2020 taxes?
Tax season and the timing of awill most likely overlap. What that means for you is, 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 soon could Congress pass a third stimulus check?
The plan is to have theclear the House of Representatives by the end of this month and then go on to Senate before going to Biden for approval 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.
When could the IRS actually send out a third round of checks? Would it have another deadline?
The IRS and the Department of the Treasury took just days to, starting shortly after 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 for a third stimulus check, depending on both the and your 2020 . But taxes are now also tied to any you or . While Congress has asked the IRS to , it still could be in your best interest to file sooner instead of later.
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 still 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 stimulus check 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 could get a smaller amount of stimulus money with the third set 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. Here’s who .
Why others could expect 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 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 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).