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.
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.
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 Read more>>, and what would happen …