On Saturday morning, The House of Representatives officially passed the American Rescue Plan which includes larger stimulus checks, aid for the unemployed and support for businesses affected by the COVID-19 pandemic.
The legislative proposal provides a third stimulus check of $1,400 for a single taxpayer, $2,800 for a married couple (filing jointly), and an additional $1,400 per dependent.
For the first time, adult dependents (anyone 18 or older) are also considered an eligible dependent.
What is included in the American Rescue Plan?
In addition to the $1,400 stimulus checks, the American Rescue Plan extends emergency unemployment benefits to US citizens (through August), provides federal subsidies for health insurance and offers an increase in tax credits for children.
The bill also provides billions in funding for schools, governments, COVID-19 vaccines, and struggling industries like airlines, food producers, restaurants and concert venues.
Will I receive the full $1,400 stimulus check?
Individuals who earned up to $75,000 annually will get the full $1,400, as would married couples with joint income up to $150,000.
Individuals who earn less than $100,000 annually and married couples who earn less than $200,000 annually will receive a reduced stimulus check based on total annual income.
When will I receive the new round of stimulus check?
Keep in mind that there is still a possibility that changes could occur to the approved bill—as the next stage in the process is Senate approval. If the Senate makes any changes, it would then go back to the House for approval which could delay the issuance of stimulus checks.
However, if the IRS keeps with previous timelines, US Citizens could start receiving stimulus checks as soon as late March to early April.
What if I didn't receive the first or second round stimulus check?
If you qualify for a stimulus check and have not received it, or received the wrong amount, you may be eligible to claim a Recovery Rebate Credit when you file your 2020 tax return.
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