President Joe Biden’sand the from came one step closer to reality this week. Friday is the for the proposal that Democrats could allow . However, the next payment could also come with a catch. It seems likely the controls will be – so while would than they did with the first or , a change to the can also make no money at all.
We’ll show you what it all means so far, from the suggested $ 1,400 cap to ways more groups would qualify, to all the ways. We will also have one that leaders of the Democratic Senate prepare to handle, and also what would happen if a payment were to come . For example, would it be your and ?
Here’s everything we know about one so farincluding how you can to . This story was recently updated with new information.
What is a ‘targeted’ stimulus check and why do some legislators want it?
Biden is resolute on an incentive check of up to $ 1,400 per person: “I’m not going down the size of the checks. They’ll be $ 1,400. Period. That’s what the American people were promised,” he said on Feb. 5. statement effectively killed a $ 618 billion proposal from a group of moderate Republicans who put forward the idea of a $ 1,000 limited stimulus check.
The simple explanation is that some people worry that a $ 1,400 stimulus check would go to some of the people with relatively high incomes. If the bill is aimed at people with a lower income, use oura person can earn $ 102,900 per year (in ) and still get a partial payment of $ 5.
“We have to put that money in,” added Biden. “So people who make $ 300,000 don’t get a windfall.”
One way would be to get thethat was used in the first two controls. Another would be to present a random cutoff (for example, a check would only go out to people making less than a certain amount per year, according to their AGI). A third could be to decrease the maximum amount of the next stimulus payment (because, math). Our .
The new stimulus control timeline can be followed more quickly
With a plan to useto a , the the previously projected timeline of mid-March. But if it passes, assuming it does, it doesn’t mean you will receive your money immediately.
There are many variables that can affect you personally, based on the initial check, and others we won’t know until we can review the text of a final incentive invoice. For example,could have a dramatic effect on – we’ll have to see how it all turns out. In the meantime we have mapped out a number of dates a depending on who you are.
How soon would the IRS issue the third check? Would there be another deadline?
The IRS and the Treasury Department are moving at lightning speed, starting within days of the signing of former President Donald Trump . They had no choice. The language of the invoice only offered a 17-day window to send the checks. There were , and now will have to . (Yes, .)
It’s too early to say whether the IRS would automatically send a third check to recipients, as they have done with the, or if the money would be packed in one or the like. We go through more possible scenarios for the .
Is there any way to get my third check faster?
Possibly. Yourare closely intertwined. There are some important things to know about how your taxes can determine whether or not you qualify, depending on both and your 2020 . But taxes are now also linked to it you or . If you file your taxes earlier, you can get a than if you file a tax extension, for example. We also recommend installing to catch up faster – and possibly a .
Can stimulus check qualifications change with the third pay?
Biden proposes two changes that are popular among Democratic lawmakers. The first would expand qualifications to, including 13.5 million more people, according to the People’s Policy Project, such as students, and dependents of all ages with disabilities (not just persons under 17 years of age).
The second eligibility change includes all ““with one or more family members who are not US citizens. An example is parents who are not US citizens but their US-born children are. The second incentive controls .
Some families could get more money next time, even with a targeted check
A higher maximum total per person is an obvious way your household would get more money from a third check over the second, but there’s more to it. Because the upper limit for the, with an extra (according to , more people reach the income threshold for receiving a second payment. And that means they all the way.
A third stimulus check could create more groups of people(namely who pay taxes), and bring a larger total check to qualified individuals and their families. A change in your circumstances could also mean that you qualify for more money this time. Here are other ways a in your pocket.
If a payment of $ 1,400 is approved, can some people still get $ 2,000?
Biden’s incentive plan requires the next check to be up to $ 1,400 per eligible adult – not the $ 2,000 some originally expected. The idea is that this third check “raises” the maximum of $ 600 outlined in the second stimulus check to $ 2,000 once you combine the totals per person – but without taking into account.
One question is whether, if the qualifications were expanded to new groups of people not included in the first round, the new recipients could get the full $ 2,000 amount. There hasn’t been any significant public discussion on the topic so it’s one we’ll continue to follow, but we wouldn’t necessarily hold our breath.
For more information about, here’s other funding included in the , how and everything your (and vice versa).