AMERICANS are eager to receive a third stimulus payment after the Covid relief bill was passed through the House this week. Third round payments of $1,400 will now be debated by the senate after President Joe Biden‘s $1.9trillion bill was passed – but many need the help immediately. Democrats are pushing to pass the bill […]
AMERICANS are eager to receive a third stimulus payment after the Covid relief bill was passed through the House this week.
Third round payments of $1,400 will now be debated by the senate after President Joe Biden‘s $1.9trillion bill was passed – but many need the help immediately.
Democrats are pushing to pass the bill through the senate before March 14, when the current extra $300 in weekly unemployment aid is set to expire.
If the bill is passed by March 12, the Friday before extra jobless aid is set to expire, stimulus checks could begin hitting bank accounts anywhere from a few days to a week.
According to recommendations from CNET, Americans should make sure that they have their direct deposit set up with the IRS when they file their 2020 tax return to ensure the process is sped up.
The outlet also recommends that tax payers attempt to file quickly so that the IRS has their most recent financial information.
Those filing tax returns earlier this year will see a faster refund, and “for some people, it could also mean a bigger third stimulus check.
Many Americans have received a stimulus check based on their tax returns.
A person’s income is the chief determinant of whether they’ll get a check, as well as the payment amount.
The payments would amount to $1,400 for a single person or $2,800 for a married couple filing jointly.
Only individuals earning up to $75,000 would get the full payments, as would married couples with incomes up to $150,000.
Payments would decline for incomes above those thresholds, phasing out above $100,000 for individuals and $200,000 for married couples.
As such the IRS is encouraging those who don’t usually file taxes, as well as those who should have got more money, to file if they have had a change in circumstance from 2019 to 2020, such as having a baby or an income drop.
By filing a tax return, you can get recovery rebate credit, which could lead to a larger return if you don’t owe the IRS.
Americans should ensure they know how much they got in previous stimulus checks before filing taxes this year, to avoid complications.
The stimulus direct payments are not taxable at the federal level.
Biden said he hoped for “quick action” from senators on the spending package, dubbed the American Rescue Plan.
“We have no time to waste. If we act now, decisively, quickly and boldly, we can finally get ahead of this virus,” he said.
“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.”
