As Democrats and Republicans make their stances clear, President Biden is soon to sign into effect a 3rd Economic Relief plan. This plan includes another round of stimulus checks. Biden has held firm on wanting $1,400 checks to go out, while Republicans battle for more restrictions on payments. In any event, the new bill is likely to be signed in early March. If you have been wondering about how to get your next stimulus check, we have you covered with eligibility, timelines and helpful tips!
Please note that the relief bill isn’t signed yet. The details are subject to change.
Eligibility – Who Gets the Stimulus Check
If you received the last two stimulus checks and have the same annual income as stated on your most recent tax statement, you’re all set. The Senate Finance Committee says that your most recent tax returns determine your stimulus eligibility. The Recovery Rebate Credit Worksheet in the Form 1040 and Form 1040-SR instructions can also help determine if you are eligible for the credit.
To qualify, you must make less than $75,000 annually. Additionally, if you’re married, you must make less than a combined $150,000. Biden’s plan includes an additional $1,400 for any child dependent you claim on your taxes.
IRS Stimulus Payment Timelines – When Will You Get The Money
Currently, the plan is for payments to be distributed in late March. The House votes on the bill the week of February 22nd. Then, the relief bill hits the Senate floor before reaching Biden’s desk. Checks and direct deposits will be sent soon afterwards.
Helpful Tips – How To Get Your Stimulus Check
If you haven’t received the first two stimulus checks but believe you should have, claim the Recovery Rebate Credit on your 2020 tax return. This gives you the potential to recoup the stimulus money you’re entitled to. According to the IRS, first two payments were based on your 2018 or 2019 tax year information. The Recovery Rebate Credit is similar except that the eligibility and the amount are based on 2020 information you include on your 2020 tax return.
There is one potential factor that could change your eligibility status. This new bill timing coincides with the 2020 tax season. If you weren’t eligible for the last two payments, you may be now if you had a decrease in pay. The IRS recommends filing your 2020 taxes right away to declare your eligibility for the next batch of stimulus payments.
Stimulus Check Tracker – Find the Latest Update
To get a definitive answer on whether or not you’re eligible, check out the payment tracker on the IRS website. The Frequently Asked Questions page from IRS is a great resource to answer a number of your stimulus related questions.
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