3rd stimulus check: how much do I get? When? (use this calculator) – Community News
Stimulus Check

3rd stimulus check: how much do I get? When? (use this calculator)

The US Senate passed President Joe Biden’s $1.9 trillion Covid-19 relief bill on Saturday, with a third round of stimulus controls likely to arrive this month. But how much do you get? When?

The Senate approved several changes to the U.S. bailout plan, known as the ARP, including scrapping a proposed increase in the minimum wage of $15 an hour and lowering extended unemployment benefits to $300 a week, from $400 proposed by the US government. the House were presented. The new bill also limits some eligibility for direct payments worth up to $1,400 after Republicans and moderate Senate Democrats saw more “targeted” spending.

The bill passed, 50-49, and will go to the House this week for final approval by Congress. It is expected to be approved by the Democrat-controlled House and signed by Biden on March 14, before the current round of unemployment and other coronavirus aid ends.

“This nation has suffered for too long for too long,” Biden told reporters at the White House on Saturday. “And everything in this package is designed to alleviate suffering, meet the nation’s most pressing needs, and put us in a better position to be victorious.”

How much do I get?

The full payments of $1,400 will go to individuals with incomes up to $75,000 (now phased out to $80,000); $112,500 for heads of household (phasing out to $120,000); and $2,800 for married couples earning up to $150,000 (phasing out to $160,000), similar to the first two rounds of stimulus checks. About 85% of U.S. adults would qualify for the full amount, based on your Adjusted Gross Income (AGI) from your most recent tax return (2019 or 2020), but fewer will receive partial payments due to a prior account change of the House that would phase out payments for individuals earning up to $100,000, and couples earning up to $200,000.

Combined with the $600 stimulus checks approved by President Donald Trump in December, the package would mean $2,000 in direct payments to most Americans.

Parents would also receive $1,400 per dependent, instead of $600 in the first two rounds, and this third round of checks includes eligible adult dependents for the first time. The previous two rounds were limited to children under 17, so parents with college-age students can expect even more money.

That means a family of four could receive $5,600 — a huge increase from past stimulus checks.

Stimulus check calculator

Use this Omni calculator to see how much your stimulus control will be:

Child Tax Credit

Parents can also expect money through the new child tax credit, worth $3,000 per child ages 6 to 17 and $3,600 for children under 6. The credit, based on taxpayer income in 2020, would normally be a lump sum for an individual or family tax return, but will instead be provided as a monthly payment from the IRS for $250 or $300, depending on the income. age of the child or children, for a full year to help families affected by the pandemic.

The current child tax credit, from the Tax Cuts and Jobs Act of 2017, provides $2,000 per child under 17 for singles with incomes of $200,000 or less and couples filing jointly adjusted gross incomes of $400,000 or less .

When will I get my stimulus check?

Probably end of March.

The first round of checks took weeks to arrive, even via direct deposit, but millions received the second round within days and will also receive the third round soon if they have already verified their bank details on the IRS “Get My Payment” site. .

If Biden signs the bill before the March 14 Congressional deadline, direct deposit Americans could get their stimulus checks as early as the third week of March. Those who receive paper checks or debit cards are likely to get their payments later in the spring.

What else is in the new emergency law for the coronavirus?

The Senate-approved package includes expanded unemployment benefits through September 6 for $300 a week (the first $10,200 in unemployment benefits would be non-taxable for households with incomes less than $150,000); $60 billion for Covid-19 testing and vaccine distribution; $130 billion to help schools reopen safely; $25 billion to help bars and restaurants; $7.25 billion for the Paycheck Protection Program; $350 billion in emergency funding for state, local and territorial governments; and $30 billion to help low-income households and the unemployed pay rent and utilities.

The first round of stimulus checks, in which eligible U.S. adults received a one-time outright payment of $1,200 plus $500 for each child under 17, was part of the $2.2 trillion Coronavirus Aid, Relief, and Economic Security ( CARES) Act of Congress. passed in March 2020. A second round of stimulus checks worth $1,200 was approved in the HEROES Act in May, but the legislation stalled for months and the December package cuts those direct payments in half.

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