Here’s how to work out if your next Covid stimulus check will be full $1,400 or less
THE next round of stimulus checks included in Joe Biden’s $1.9trillion Covid relief package will amount to $1,400 for many Americans.
However, the payments will start phasing out for Americans who make above a certain dollar amount, and will phase out completely for people who make more than $100,000 a year.
The House passed the third relief package early in the morning on Saturday, and the Senate is set to begin debating it in the coming week.
If there is no amendment made to the stimulus check portion of the bill, individuals earning less than $75,000 and married couples earning less than $150,000 while filing jointly will receive the full payments.
Families will also receive another $1,400 for each dependent, so an eligible couple with one child could get a stimulus check for $4,200.
A qualifying family of four would get $5,600.
The IRS will use your most recent tex return to determine eligibility, according to Yahoo! Finance, so if you already filed your 2020 taxes ahead of the April 15 deadline, the government will use the Adjusted Gross Income (AGI) from that return.
The AGI is your taxable income minus either the standard deduction or itemized deductions.
Individuals who made more than $75,000 and couples who made more than $150,000 may still qualify for some payment – depending on the AGI.
Like the previous two stimulus packages, the payments will completely phase out for individuals who make more than $100,000 and couples who make more than $200,000.
Individuals and couples who fall in between can expect smaller payments, unless the Senate amends the legislation.
Most read in News
Democrats are pushing to get the bill through Congress and to Biden’s desk before March 14, when unemployment benefits are set to expire.
The relief package will also provide extended unemployment benefits.
If the bill is approved by mid-March, stimulus checks could begin going out to Americans the week of March 22.