Will Another Stimulus Payment Go Out?

A group of lawmakers has called for a fourth round of stimulus checks, just as the final payments from the third round are starting to hit accounts and mailboxes.

About a month ago, a few U.S. Senators wrote a letter asking the president to consider both recurring direct payments as well as automatic unemployment insurance extensions – as part of the Build Back Better Economic Plan.

Also known as the American Jobs Plan, the bill doesn’t yet mention a fourth stimulus check – similar to those millions have received throughout the pandemic. Rather, it’s a long-term initiative to rescue, recover, and rebuild the country’s financial standing.

In short, the president has not indicated publicly that there will be a fourth stimulus payment, rather – the current focus has been on passing the Build Back Better Plan that aims to improve transportation infrastructure and affordable housing, among other things.

Didn’t receive a third stimulus payment?

Check your eligibility at https://www.irs.gov/coronavirus/get-my-payment

Third economic impact payments did differ from the first two payments under the Trump Administration. Here’s what was different and why you may not have received a third payment:

  • Income phaseout amounts changed. Payments to be reduced for individuals with adjusted gross income of more than $75,000 (or $150,000 if married filing jointly). The reduced payments end at $80,000 for individuals and $160,000 for married couples filing jointly. Those above these levels will not receive any payment.
  • Payment amounts are different. Most families will get $1,400 per person, including all dependents claimed on their tax return. Typically, this means a single person with no dependents would get $1,400, while married filers with two dependents would get $5,600. 
  • Qualifying dependents expanded. Unlike the first two payments, the third payment is not restricted to children under 17. Eligible individuals will get a payment based on all of their qualifying dependents claimed on their return, including older relatives like college students, adults with disabilities, parents, and grandparents.

For additional information or questions, visit irs.gov

Article Source: irs.gov  

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