5 Answers To Questions About the 3rd Stimulus Payments
A third round of stimulus relief money is expected to be on the way within the next couple of weeks. Over the weekend, Senate approved the $1.9 trillion Covid relief package. Once the House takes their final vote, which is expected to be today, the package can be signed by President Joe Biden. So we all know that, right? Below are frequently asked questions that you may need answers to:
1. How much will you get?
The third stimulus payment is for $1,400 and that will include dependents. But here's the thing that's different with this round of stimulus.... Unlike prior rounds, you will now receive the additional money for adult dependents this time over the age of 17. That's good news for me having a 19-year-old who's still very much a dependent. lol
2. When can you expect the money?
Once Biden signs the bill, people could start seeing payments hit their account or mailboxes within a couple of weeks. Again, the House votes today... Biden signs and stimulus relief checks could be distributed within days.
3. Do you make too much money to be eligible?
According to CNN, people with an adjusted gross income of at least $80,000, heads of households who earn at least $120,000 and married couples who earn at least $160,000 will be completely cut off from the third round of stimulus payments -- regardless of how many children they have.
4. Will you owe back some money to the IRS if you earned more in 2020?
Basically if your 2019 return was less than your pay in 2020, you won't owe anything. TIP: If your income dropped in 2020, you should go ahead and file your taxes right now, prior to stimulus payments going out. It may mean a bigger payment for you.
5. What if you never got the last payment but believe you're eligible?
If this describes you, you're not the only one. An estimated 8 million eligible people didn't get the first round of payments that were delivered last year. Those who were due money during the first two rounds of payments and did not receive it can claim it as a tax credit, known as the Recovery Rebate Credit, on their 2020 tax returns.