A third stimulus check is included in the $1.9 trillion stimulus bill passed in the House last week. As we await a Senate vote date, you may be wondering about the latest timeline of the third stimulus check, or how to use a calculator to find your stimulus check amount, since the income limits could change.
According to a poll by the New York Times, 72% of Americans support the new bill. But until the Senate passes the latest relief bill and President Joe Biden signs it, the third stimulus check amount and eligibility are up for negotiation. The relief framework’s additional aid is subject to debate, too.
The latest third stimulus check update is that the third stimulus check amount is $1,400, which, when coupled with the existing $600 check, would get $2,000 to all eligible Americans.
The third stimulus check eligibility guidelines will likely be more generous to dependents than they were for the first and second checks, but less generous in terms of income limits:
People who make up to $75,000 a year, according to their most recent tax returns, will still qualify for the entire payment. Couples filing jointly will get the full payment if they have a joint total income of $150,000 or less. Checks will stop for those who earn more than $80,000 per year or $1600,00 per year as joint filers.
But dependent children up to age 23, as well as elderly parents dependent upon adult children, may also qualify for the full amount, a change from the previous two bills.
Here’s everything else we know about the proposed third stimulus check, including new details on where it stands.
Third stimulus check update today (March 4)
On Wednesday lawmakers presented a new version of the $1.9 trillion stimulus relief package with certain concessions that should make the bill easier to pass. In an earlier draft of the bill, single filers earning up to $100,000 and joint filers earning up to $200,000 would also receive stimulus checks at prorated amounts. Now, however, checks will end for individuals making $80,000 and couples earning $160,00, according to The Washington Post.
The package continues the $400 weekly emergency jobless benefits that were included in a House-approved version of the legislation. As a result, the effort to raise minimum wage to $15 per hour by 2025 might be abandoned.
The Senate is holding hearings on the stimulus compromise the remainder of this week, with a prospect of voting Friday or early Saturday morning.
Congress is working towards sending a stimulus package to President Joe Biden’s desk before March 14, when federal unemployment benefits will expire.
If you haven’t received your first two checks, you might have to claim it on your next tax returns using the Recovery Rebate Credit. You can check the status of your second stimulus check using the Get My Payment tool on IRS.gov.
Third stimulus check timeline
The timeline of the third stimulus check is taking shape. House Speaker Nancy Pelosi wants a stimulus package on President Joe Biden’s desk before March 14, when federal unemployment benefits expire. That gives Congress a few weeks to figure out a package.
This week, the Senate received a House-passed relief bill, but has amended it with certain concessions. As soon as the Senate approves the legislation, it can go to the President for a signature. Negotiations in the Senate will likely amount to a vote at the end of the week.
Then the IRS can begin sending out checks in the same manner it sent the first $1,200 check and second $600 check. Since the framework is already in place, Americans could begin receiving their stimulus checks about two weeks after a relief bill is approved.
Third stimulus check Senate vote
The Senate is scheduled to debate the $1.9 trillion stimulus bill starting this week.
It’s believed the Senate will make changes to the existing bill, whether it’s the overall spending amount or the language that raises federal minimum wage to $15 per hour.
According to CNN, the Senate has allotted 20 hours for the hearings. After the debate is over, the Senate will begin a marathon of votes, with the stimulus bill vote included. This means the vote could take place before the end of this week.
Third stimulus check amount: How much is the third stimulus check?
The third stimulus check is worth $1,400 for Americans who make $75,000 or less per year. When President Joe Biden proposed the third round of payments, he said they’ll supplement the $600 payments that began going out late last year.
Stimulus check eligibility: Who will get the 3rd stimulus check?
If you were eligible for the first and second stimulus checks, you will likely also be eligible for the third stimulus check, but not everyone will.
In the first two stimulus bills, people who earned $75,000 or less per year according to their most recent tax returns qualified for the entire stimulus check. Joint filers who earned up to $150,000 per year were also eligible for the entire amount.
People who earned more than those amounts received a prorated amount that was reduced by $5 for every $100 of income above the threshold.
Because the payment amounts were different between the first two bills, the income cutoff to get any money at all was $99,000 for single filers for the first check, but only $87,000 in the second check. The cutoffs were double those amounts for joint filers.
Now, the cutoff will be $80,000 per year for single filers and $160,000 per year for joint filers.
Biden also proposes that dependents up to age 23, as well as senior parents living with adult children, should qualify families for additional $1,400 payments. That means that most Americans who are dependents of someone who earns up to $75,000 would be eligible for the third stimulus check.
Third stimulus check calculator: See how much you’re eligible for
The third stimulus check calculator could be useful to know how much you money you’ll get as you look into your next few months of personal finances. It’s also useful to read up on the best ways to spend your stimulus check if you don’t already have a plan for your payment.
Forbes made a third stimulus check calculator that can help you figure out your third stimulus check amount.
How it works: Go to https://www.forbes.com/advisor/personal-finance/third-stimulus-check-calculator/. Complete the short questionnaire. Enter how you filed your taxes (single/joint), how many children you have and your adjusted gross income (AGI) for 2019.
Third stimulus check dependents: How much will children get?
Under President Biden’s current plan, more dependents will be eligible for stimulus checks than in previous relief legislation. Dependents age 23 or younger and elderly parents living with their adult children all qualify.
If you meet the complete stimulus check income limit requirements and claim a dependent, you’ll receive an additional $1,400. A family of four could get $5,600, for example.