Individuals earning $75,000 or less are among the most likely to benefit, but not all Americans will receive the full amount per third stimulus check.
One of the biggest changes related to the third $1,400 stimulus check that is expected to complete its passage through the U.S. Congress this week for President Joe Biden’s signature is more “targeted” income levels for eligibility.
The former was one of Biden’s concessions to more moderate Senate Democrats, such as Joe Manchin, to expedite proceedings in the legislative body, where the bill passed Saturday with no Republican votes.
Those who will receive the full payout
Under the new guidelines for eligibility for the third stimulus check, adults earning $75,000 or less annually will receive the full $1,400 payment. For married tax filers that figure rises to $150,000 or less, while for heads of household the applicable amount is $112,500 or less.
Those who will receive a reduced payment
Starting at those thresholds, the gradual payment reduction to zero begins to apply. Under the new law’s new guidelines, the following income groups would see a reduced check:
1. adults earning more than $75,000, but less than $80,000; 2. married couples earning more than $75,000, but less than $80,000.
Married couples earning more than $150,000, but less than $160,000 3.
3. Female or male heads of household earning more than $112,500, but less than $120,000
Those who will not receive a payment
Americans who report annual income to the Internal Revenue Service (IRS) greater than those listed will be excluded from the payment. That is, adults earning more than $80,000; couples earning more than $160,000; and heads of household earning over $120,000.
Currently, the stimulus package that includes the third round of checks is before the House of Representatives for consideration after being approved by Democrats in the Senate on Saturday.
The legislative majority is set to begin debate on the legislation this Tuesday and pass it sometime this week for the signature of President Joe Biden, who said he will sign it as soon as he arrives at the White House.
The White House press team also anticipates that by the end of March they expect to have most of the stimulus checks sent to beneficiaries.