Third stimulus check: what is the maximum amount per family?

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President Joe Biden’s $ 1.9 trillion US bailout (ARP) is the basis for ongoing negotiations in Congress on a brand new coronavirus stimulus package. It is very likely that it includes a reminder A third stimulus check for $ 1,400 to be added to the bipartite payment of $ 600 in December, for those who qualify.

Talks on a third bipartisan agreement ended after a group of 10 Republican lawmakers proposed a targeted bill of only $ 600 billion, who was a non-starter. Usually, a majority of 60 votes would be required to pass the bill, but Democrats have chosen to use a process called “budget reconciliation.“For this type of bill, passing a budget resolution allows Democrats to pass a bill with a simple majority of 51, in other words without the support of the GOP.

What are the eligibility conditions for a third follow-up check?

Details are still being discussed in House committees this week while the Senate is on recess. However, these are the probable basic eligibility requirements based on Biden’s US bailout, which serves as a model, and the House Ways and Means Committee’s proposed salvage rebates.

All estimates are based on the most recent AGI (Adjusted Gross Income) registered with the IRS and, like the last two checks, up to a maximum limit will gradually disappear.

Maximum amounts available for the lowest income

  • $ 1,400 for eligible people
  • $ 2,800 for eligible couples who file a joint tax return
  • $ 1,400 for each dependent child under 17
  • $ 1,400 for each eligible dependent adult

Qualifying income thresholds and phase-out limits

  • Unique depositors: under $ 75,000 gets the full amount, elimination begins thereafter. AGI of $ 100,000 and over does not receive any checks.
  • Common depositors: under $ 150,000 gets the full amount, elimination begins thereafter. AGI of $ 200,000 and over does not receive any checks.
  • Head of household: under $ 112,000 gets the full amount, elimination begins thereafter. AGI of $ 150,000 and over does not receive any checks.

The head of household includes those who are single, widowed or divorced and claim a child as a dependent, for example.

What is the maximum that families could get?

It all depends on how many dependent children you have and how your AGI was calculated on your last tax return – for the most part it will automatically be 2019, but if you earned less in 2020 file your tax return before Congress passes the next bill, you could get a bigger check.

Assuming that you are entitled to the maximum amount based on your AGI and that you are a family of two adult spousal filers and one dependent, you would be entitled to a total of $ 4,200. With two dependents – of any age – it will go up to $ 5,600, with three dependents $ 7,000 etc.

To figure out what you might get based on your exact AGI, you can enter specific information into the Forbes Stimulus Check Calculator and get an estimate. The cthe calculator is updated as new details appear.

When could the stimulus checks be sent?

The process of sending out a third stimulus check will largely mirror the first two, although this time due to budget reconciliation the process in Congress could be much faster as Democrats – narrowly – control both the House and the Senate.

The budget resolution was not the actual bill, so the bill still has to go through both chambers, i.e. both chambers of Congress, Biden will then have to sign it into lawthen the IRS will do its job of sending checks through various means.

House Speaker Nancy Pelosi said on Thursday she hoped her chamber could pass the $ 1.9 billion bill by the end of February, adding that soon after, she hopes the checks will land in the bank accounts of eligible Americans.

It is important to note that in the process of passing the stimulus bill by Congress, it is likely that b negotiations and possible modifications, which could cause days or weeks of delay in the schedule proposed by Pelosi.

“We hope that all this will be done by the end of February“Pelosi said on Feb. 11.” Definitely on the president’s desk in time for make up for the March 14 deadline where some unemployment benefits would expire. “

On Thursday, the House Ways and Means Committee passed the part of the proposal that includes up to $ 1,400 in stimulus checks – based on ARP – which will move the bill to the next steps.

Timetable of dunning checks before the March 14 deadline

If all goes well with the negotiations and a version of the bill with stimulus checks goes through Congress, there are two possible deadlines that Cnet has set, both on the assumption that the March 14 deadline that Pelosi imposed can be honored, after which some existing pandemic benefits will expire.

The first scenario requires Congress to pass the bill before Friday February 26 – it could happen, but it is not likely. In that case, Biden would sign the bill on Monday, March 1, and the IRS would send the first direct deposit checks the week of March 8, with the paper checks sent on March 15 and finally the EIP cards the week of March 22.

The second timeline has Congress passing a bill by Friday March 12 and in that case, President Biden could pass the bill on Sunday, March 14. The week of March 22 That’s when the IRS would start paying direct deposits to bank accounts, followed by paper checks on March 29, and finally EIP cards on April 5.

Find out how your federal income tax return filed before April 15, 2021 could affect your raise amount.



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