Stimulus Check 3 – Who Will Get New Checks

Is There a 3rd Stimulus Check Coming? How Soon & How Much Will You Get?

Will there be a third round of stimulus checks – this time for $1,400 – on the way to Americans anytime soon? President Joe Biden proposed a $1.9 trillion stimulus package, called the American Rescue Plan, which was recently passed by Congress. Now the COVID relief measure moves to the Senate where it will be debated this week.

President Biden’s proposal includes new $1,400 stimulus checks for eligible individuals. As you know, the federal government has already authorized and distributed two rounds of stimulus checks.

This article provides information about the first two stimulus checks, as well as the current progress on a third stimulus check.

Stimulus Checks 1 & 2

The first stimulus check was included as part of the Coronavirus Aid, Relief, and Economic Security Act (a.k.a. CARES Act), which was passed in March 2020. This bill authorized direct payments to millions of individuals for up to $1,200 per person, plus an additional $500 per qualified dependent child.

For stimulus check 1, eligibility depended on how much income you earned during the year based on the Adjusted Gross Income (AGI) that you reported on your most recent federal income tax return (either 2018 or 2019). You were eligible for the full amount of the first stimulus check ($1,200) if your AGI was:

• $75,000 or less for single taxpayers
• $150,000 or less for married couples filing joint tax returns
• $112,500 or less for head of household filers

RELATED: The CARES Act & the First Round of Stimulus Payments

The second stimulus check was included as part of the COVID-Related Tax Relief Act of 2020, which was passed in late December 2020. This bill authorized direct payments to millions of Americans for up to $600 per person, plus an additional $600 per qualified dependent child.

For stimulus check 2, eligibility was also based on the income you earned during the year (i.e. your AGI from your latest tax return). You were eligible for the full amount of the second stimulus check ($600) if your AGI was:

• $75,000 or less for single taxpayers
• $150,000 or less for married couples filing joint tax returns
• $112,500 or less for head of household filers

RELATED: Second Stimulus Checks: When, How, and How Much?

Stimulus Check 3

The U.S. House of Representatives (a.k.a. Congress) passed President Biden’s $1.9 trillion relief bill on Saturday (February 27) morning, which is raising hopes that a third round of stimulus checks may be on the way soon. However, we will need to see how the stimulus package fares in the Senate, where many Republicans are taking issue with the bill’s provision that raises the federal minimum wage to $15 per hour by 2025.

The current stimulus proposal also includes an increase in unemployment benefits (from $300 per week to $400 per week), more money for COVID-19 testing, and funding for various programs targeting small businesses, schools, and families with children. Democrats are trying to get a stimulus deal passed by March 14, when the current program for expanded unemployment benefits (providing an additional $300 per week) is scheduled to expire.

“We have no time to waste. If we act now, decisively, quickly and boldly, we can finally get ahead of this virus,” said President Biden. “We can finally get our economy moving again. And the people of this country have suffered far too much for too long. We need to relieve that suffering. The American Rescue Plan does just that.”

RELATED: How Do You Qualify for a Stimulus Check?

Will You Qualify for a $1,400 Stimulus Check?

As with the first two stimulus checks, your income will determine your eligibility for the third stimulus check as well as how much you will get. The maximum amount for proposed stimulus check 3 is $1,400 per individual – that means $1,400 for a single person or $2,800 for a married couple that files a joint tax return.

The current stimulus check proposal would provide full payments to individuals who earn $75,000 or less per year and married couples who earn $150,000 or less per year. If your AGI is above those thresholds, the amount of your stimulus check will decrease. Single individuals who earn over $100,000 (and married couples earning over $200,000) would not be eligible for the third stimulus check.

Get Your Stimulus Check

In mid-February, the IRS announced that, “as required by law, all legally permitted first and second round of Economic Impact Payments have been issued.” The IRS started distributing the first round of stimulus checks in April 2020 and began issuing the second round of payments in late December 2020.

>> Check Stimulus Payment Status

If you did not receive your stimulus check (either the first or second payment) even though you were eligible for it, you can claim the missing amount on your 2020 federal income tax return (Form 1040 or Form 1040-SR) under the Recovery Rebate Credit.

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