The third stimulus checks worth $1,400 each proposed by President Joe Biden was one step closer to reaching Americans in need. On Thursday evening, the House Ways and Means Committee voted to approve a massive portion of Biden's planned $1.9 trillion pandemic relief package, including the part that will provide most Americans with cash payments of $1,400.
Are you one of the $1,400 stimulus check recipients?
As senators mull on wage limits, several aspects of the new relief bill remain in turmoil.
A $1,400 refundable tax credit that will go to people that make up to $75,000 and phase out entirely as the income limit of an individual exceeds $100,000 is given by the latest iteration of the bill advanced by the Ways and Means Committee Thursday. According to ABC Columbia, this payment could be up to $2,800 for joint filers, which would phase out between $150,000 and $200,000.
The Treasury is instructed to grant this credit as an advanced payment based on tax returns for 2019 or 2020. According to the committee, the department is asked to perform outreach to non-filers to advise them on applying for their advance payment. However, the Ways and Means Committees' advancement of the stimulus bill is only one of many obstacles it needs to overcome before becoming law.
As Republicans push for focused assistance to lower-class persons, the income limits have been at the forefront of a heated discussion, and Democrats try for complete relief that at least goes to struggling families in the previous round of stimulus checks at the same income thresholds.
White House Press Secretary Jen Psaki said earlier this week that negotiations on the $1,400 stimulus checks remain underway. Still, it would be impossible that President Biden would accept any salary limit below $60,000.
Read also: Pelosi Claims $1,400 Third Stimulus Check To Pass Before February Ends
When can you expect the stimulus checks?
Other than the maximum of $1,400 per adult and dependent, here are some further details you might like to know about how to form a third stimulus check so far, as per CNET:
- It could start being sent out at the beginning of March.
- The IRS and Treasury will use your previous information on file to send you your stimulus check automatically.
- For their third payment, the Treasury would "execute outreach to non-filers to inform them of how to file" if more information is requested according to this proposal.
- Any missed stimulus check from the third round will be taken out a year from now as part of the 2021 tax period. If the IRS were to follow the same pattern of missing stimulus check money now, you would probably have to file a tax return to claim it.
Read also: Third Stimulus Checks: Couples Would Get $2,800, Families with Children of Two to Receive $5,600
'Targeted' stimulus
In recent days, negotiations have focused on "targeting" the next round of stimulus payments to lower-income families only. Those in Congress, including a party of 10 Republican Senators, decided to slash the bonuses to $1,000 and decrease eligibility for people making up to $40,000 and couples earning up to $80,000. There would be no eligibility for people making $50,000 or more or couples earning $100,000 or more, AL reported.
