- Congress may soon approve a third set of stimulus checks worth $ 1,400 for some Americans.
- The Senate just approved full stimulus checks for people earning $ 75,000 or less and couples earning $ 150,000 or less.
- Payments are phased out to $ 80,000 for individuals and $ 160,000 for married co-filers.
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Congress is on the verge of reaching agreement on another economic relief package.
On March 6, the Senate passed a version of the $ 1.9 trillion US bailout after a marathon session. The bill is now sent to the House, where it should pass fairly quickly. From there, he’ll move on to President Biden for a final signing.
The bill contains a third set of stimulus checks worth up to $ 1,400 per person, including dependents, and $ 2,800 per married couple – the largest payments to date.
As with previous rounds of stimulus checks, the amount of money going to eligible Americans is based on adjusted gross income. People whose AGI falls below a specified level get the maximum check, while others who earn above that amount but below a higher threshold will be entitled to a reduced check.
The Senate made a few changes to the House bill it received earlier in the week, including lowering income caps for the third round of stimulus checks.
What are the income limits for the 3rd stimulus check?
Here’s who is eligible for a full check for $ 1,400:
- Single filers with AGIs of $ 75,000 or less
- Declaring heads of household with AGIs of $ 112,500 or less
- Spouse married filers with AGIs of $ 150,000 or less
Anyone with a Social Security number who filed taxes for 2019 or 2020 and who meets these income requirements would receive $ 1,400 – or $ 2,800 if married and both spouses have a Social Security number – plus an additional $ 1,400 per dependent, regardless of age.
The reduced checks would go to people earning above these income limits but below $ 80,000 for single filers, $ 120,000 for heads of households and $ 160,000 for married spouses.
The Senate version of the bill reduced the upper limits below the previous two rounds of checks, meaning fewer Americans will receive a stimulus check this time around.