You Will Learn
- 1 Is There a Third Stimulus Check Coming?
- 2 Who Qualifies for the Third Stimulus Check?
- 3 How Much is the Third Stimulus Check?
- 4 When Will I Get My Third Stimulus Check?
- 5 Steps to Get My Third Stimulus Check:
- 6 Are Stimulus Checks Taxed?
- 7 Stimulus Package: What Else is Included?
Is There a Third Stimulus Check Coming?
Yes, the third stimulus check has finally been approved!
This third round of stimulus checks was just approved by the Senate and is expected to be approved by the House in the next couple of days. As soon as the House passes the bill, it will be given to President Biden to sign.
The package of nearly $2trillion not only includes our third round of stimulus checks, but also billions of dollars that will be divided between schools, states and municipalities, vaccine distribution and small businesses, which have been greatly impacted by the pandemic.
We should receive details on the distribution of the checks once it has been signed into law by the President.
Who Qualifies for the Third Stimulus Check?
For this round of stimulus checks, individuals that earn $75,000 a year or less, and couples with or without dependents who earn $150,000 a year or less, will receive a check of the full amount of $1,400.
For this round, dependents of any age will also be receiving a stimulus check, contrary to the previous ones where only dependents under 17 years of age received a check. Families that have mixed citizenship status may also receive a check if, for example, one of the spouses has citizenship.
Part of President Biden’s proposal included that families in which parents with non-citizenship status who have children with US citizenship status may qualify to receive a stimulus check, but it is still unclear if this will pass as part of the bill once it’s finalized.
Who Doesn’t Qualify for a Third Stimulus Check?More than 16 million people who qualified for the previous stimulus checks will not be receiving the third one.
This is due to the new income limits that were set by the Senate for this round of stimulus checks. If your income as an individual surpasses $80,000 or $160,000 if you’re a couple with or without dependents, you do not qualify for the third stimulus check.
If you no longer have the same number of dependents due to a recent death and happen to receive money on their behalf, you must return it immediately or risk being charged with fraud.
How Much is the Third Stimulus Check?
The complete amount of the relief package President Biden signed is of $1.9 trillion, out of which come the stimulus checks, among other things.
When Will I Get My Third Stimulus Check?
According to government officials, the third round of stimulus checks will most likely be going out this month.
Keep in mind that it may take some time for you to receive your check, since it takes time for the IRS to process the over 100 million payments that are expected to be sent out.
-People who receive their checks via direct deposit may see the money in their accounts before April 1st. People who receive their checks via mail or EIP (Economic Impact Payment debit card) cards will have to wait a bit longer.
Unfortunately, there are still people who haven’t received their second stimulus check, due to issues with information or communication. If you haven’t received the previous stimulus checks, you will have the option to claim them on your tax return where it says “Line 30” and will most likely receive the money with your tax refund.
If you still don’t receive your stimulus checks and are sure you qualify, contact the IRS to verify if anything is wrong or missing from your information. The IRS help line is 800-829-1040.
Steps to Get My Third Stimulus Check:
The most important step to receiving the third stimulus check is to have filed your 2019 or 2020 tax returns. Once determined that you qualify for the third stimulus check, the IRS will issue your payment based off of your 2019 federal return, if you haven’t filed your 2020 federal return yet.Important! It’s very important to note that if you have had any changes on your tax returns between 2019 and 2020, to file as soon as possible. Changes such as:
- Changes in income: If you lost your job or changes jobs
- Changes in dependents: If you recently had a baby or have any changes in the amount of dependents you claim
This way the IRS can use your 2020 tax return information to determine if you qualify for the third stimulus check.
Are Stimulus Checks Taxed?
No, fortunately the money received as stimulus checks is not included as taxable income. On the IRS website, they state that since the checks won’t be added to your gross income, they will not count as taxable income. Stimulus checks also do not affect any federal assistance programs, such as Section 8.
Stimulus Package: What Else is Included?
Aside from the $1,400 stimulus checks, the $1.9 trillion stimulus package approved by the senate will also include $300 a week for unemployment supplement, $3,600 child tax credit, $350 billion in state and local aid and $7.25 billion to the Paycheck Protection Program (PPP).