Each family could also be given extra financial support of $1,400 for each dependent, regardless of age.
To determine whether you will be eligible to receive the full $1,400 from the third stimulus check – once it is approved by the Senate and signed by the president – the IRS will use your most recent tax return and focus on your adjusted gross income, which is all the money you earned for the year.
The third stimulus check, which is currently awaiting a vote in the Senate, would grant a total payment of $1,400 to people who have reported income of up to $75,000 to the IRS. In other words, those who have earned more money would not get the full amount.
For heads of household, the limit is $112,500 and for married couples filing jointly it is $150,000.
These are the same income limits that were used for the first two stimulus checks.
It should be noted that the third stimulus check would also give each family extra financial support of $1,400 for each dependent, regardless of age.
Recall that, in the delivery of the previous two stimulus checks, only $500 was given for each dependent under the age of 17 in the first round, and $600 for dependents with the same characteristics in the second check.
In other words, a family of five with two parents and three young children will receive a total of $7,000 with the third stimulus check ($1,400 each), while with the second stimulus check this same family would have received only $3,000 ($600 for each parent and $600 for each child).
Paper stimulus checks may begin to be mailed on March 29th
Senate approval is required by March 14 for the third stimulus check to begin to be mailed.
Democrats, who currently hold the majority in Congress, set a March 14 deadline to pass the $1.9 billion stimulus bill, which includes the delivery of a third stimulus check.
Politicians set this date because that is when federal unemployment insurance, which provides an extra $300 a week, expires.
If lawmakers succeed and the check is approved by the Senate and signed by President Biden by March 14, then the IRS can begin sending the money to eligible individuals through direct deposit, paper checks, and in the form of prepaid EIP cards.
Individuals who have been determined by the IRS to receive their third stimulus check money through paper checks will begin receiving the money during the week beginning Monday, March 29.
This means that in four weeks you could already have this economic support in your possession.
It is important to remember that, although the stimulus package has already been approved by the House of Representatives, the Senate has yet to vote on it. If further changes are proposed at this point, then the delivery of the stimulus checks could be delayed.