- A third round of stimulus checks is likely to be approved in March.
- The check would be the largest yet: up to $1,400 per person and $2,800 per married couple.
- The checks are part of a $1.9 trillion economic relief package called the American Rescue Plan.
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Congress is getting closer to approving a massive coronavirus relief package that includes a third round of direct cash payments to households, referred to as stimulus checks.
The proposed checks are larger than the previous two rounds and would pay up to $1,400 to individuals — including dependents of any age — and $2,800 to married couples.
Here are answers to some of the most common questions about stimulus checks.
Yes, probably by mid-March. Direct cash payments are part of a $1.9 trillion economic package called the American Rescue Plan that’s making its way through Congress.
The House is set to vote on the bill on Friday. If it passes, it will go to the Senate, and it may be amended before a final vote.
Anyone with a Social Security number who meets the income requirements is eligible for a payment. The amount is based on the adjusted gross income on your 2019 tax return, unless your 2020 return is processed by the time payments are sent.
The bill calls for Americans with AGIs of less than $75,000 to get the full $1,400 payment — including dependents of any age. This is a break from the past two relief bills, which did not include payments for dependents age 17 and over but did include smaller amounts for children.
Head-of-household filers who make less than $112,500 would also get the full $1,400. Married couples who file jointly and have AGI of less than $150,000 would get $2,800.
Reduced payments would be made to people in the following income groups:
- Single filers with AGI between $75,000 and $100,000.
- Head-of-household filers with AGI between $112,500 and $150,000.
- Married filers with AGI between $150,000 and $200,000.
People who aren’t required to file income-tax returns could also get payments. Information collected through the IRS nonfilers tool would be used to send the checks to these recipients. Also, Social Security retirement and disability beneficiaries and Supplemental Security Income recipients who don’t file taxes can get payments.
After the House and the Senate approve the legislation, President Joe Biden would need to sign it for it to become law.
The Treasury Department was able to…
Read More: Third stimulus check: All your questions answered