President Joe Biden's $1.9 trillion relief package is now complete, with most Americans getting stimulus checks of up to $1,400. The United States House of Representatives gave final approval on Wednesday, and Biden has announced that he will sign the bill "as soon as I can get it."
According to White House Press Secretary Jen Psaki, more people should have enough money to pay down debt, save, or pay household expenses by the end of March, MoneyWise reported. However, when the third stimulus checks start to come, here are some details that you may be surprised by what you get - or don't get, according to Yahoo:
Stimulus check: What is a good surprise?
Many households would have extra money to spend as they choose, whether on basics like rent or groceries or on non-essentials like inexpensive life insurance to cover family members financially.
Households can receive payments for older dependents, such as high school and college students above the age of 16, for the first time. You'll get another $1,400 stimulus check for both of them. The same holds for dependents who are disabled adults or who are elderly.
Also, parents who meet the requirements will earn the entire $1,400 stimulus check for their young children. This year's first stimulus checks were just $500 each for little children.
Another factor you would appreciate the latest payments is this: The IRS uses your most recent tax return to determine your stimulus checks eligibility. You will get benefits if you were formerly a high earner, but your salary fell enough in 2020 to make you qualify for it.
The IRS will be eligible to use the reduced revenue from your 2020 tax return to give you a full or partial payout if you've already filed your taxes or if you rush to get your return in as quickly as possible.
Read also: Senate Passes COVID-19 Relief Bill, What's Included, When to Receive Your Stimulus Check
Stimulus check: What is the bad surprise?
The third stimulus check was intended to meet the same wage criteria as the previous two, but the US Senate changed it to "target" the latest aid to the poorest Americans.
Anyone with an adjusted gross income of less than $75,000, or $150,000 for couples, will receive full payment, as before. The sums progressively decline until they are absolutely removed at salaries of $80,000 or $160,000 for couples. Previously, funding was reserved for taxpayers working up to $100,000 and couples earning up to $200,000.
Read also: Will Illegal Immigrants Receive Third Stimulus Check?
That indicates that if you collect $85,000, you may have received at least a partial stimulus payment from the first two sets of stimulus checks. You won't get it this time.
Any families who had a successful year in 2020 will escape this destiny by delaying their tax filing. Sitting on your 2020 return would encourage the IRS to use your 2019 returns as the basis for your stimulus check if your income from 2019 will entitle you to a full or partial benefit but not your income from the previous year. Remember that the deadline to file your 2020 tax return is April 15th. The IRS could start distributing funds as soon as next week, allowing you plenty of time to make sure you apply for stimulus funds before filing your tax return.
Each dependent child receives an additional $1,400 stimulus payment, but unlike previous stimulus checks, the income limits extend to children's checks as well. Depending on whether a person filed their 2020 tax return, the payments are based on either 2019 or 2020 wages, as per the New York Post.
