A third round of stimulus checks could be just weeks away from approval. The original forecasted date is March 14th, however on Friday House Speaker, Nancy Pelosi said she aims to pass President Joe Biden’s $1.9 trillion stimulus package in two weeks. While there are still delays that may arise, if a bill were to pass before the end of February, payments could start to arrive as early as March 8th for direct deposit checks. Biden said Friday, “I’m going to act, and I’m going to act fast.”
The stimulus package allots for up to $1,400 per person, this amount is nonnegotiable according to Biden. However, there may be some other changes that may bring you/your family more or less money. Ways your family could receive more money are the following:
- Dependents could qualify for $1,400 each. Qualifying dependents include teens over 16, young adults and old adult relatives, which may not have qualified in previous stimulus packages.
- New dependents – if you had or adopted a child, or if an older relative moved into your home.
- Families considered “mixed-status” could qualify – one spouse is a US citizen. Biden’s proposal could also include US citizen children with noncitizen parents.
- If you had a change in your job situation, or if you are no longer employed.
- If you just got married and you are filing jointly.
- Sharing custody of a child – if you meet specific qualifications, you and your child’s other parent may both be entitled to an extra $500.
If the rules stay the same, more people could qualify for Biden’s $1,400 stimulus payment. Using the same formula that was set by Congress for the first two stimulus payments, the first column is the most you could earn for the third payment.
However, if Congress lowers the income cap to qualify, less people could get checks. One proposal would drop the limit for individuals and families to qualify for the full $1,400 payment. Under this plan, to qualify the income limit is the following:
- Single taxpayer who makes less than $50,000 (down from $75,000)
- Head of household who makes less than $75,000 (down from $112,500)
- Married couple filing jointly who make less than $100,000 (down from $150,000)
There are calculators online to determine if you would qualify for a full or partial payment. While the stimulus payment bill is not a done deal until it is signed into law, President Joe Biden is determined to drive forward his plan, and Congress is working hard to match his pace.