Will a 4th incentive check be heading your way in 2021?

STATEN ISLAND, NY — As more than 100 million Americans receive a third payment as part of the $1.9 trillion stimulus bill passed in March, there is already talk among lawmakers about a fourth government check that could be your way in 2021. can come.

President Joe Biden has spoken of a potential $3 trillion spending bill for 2021, according to a report in Cnet.com. The third stimulus bill would focus on boosting the economy, fighting inequality and repairing the country’s infrastructure broken due to the coronavirus (COVID-19) pandemic, the report said.

A group of 10 progressive senators, including Elizabeth Warren and Bernie Sanders, asked the president in March to consider recurring stimulus payments in the next expense account, the report says.

“We urge you to include recurring outright payments and automatic unemployment insurance renewals, linked to economic conditions, into your Build Back Better long-term economic plan. This crisis is far from over and families deserve the assurance that they can put food on the table and keep a roof over their heads,” the senators said.

To date, 64 members of Congress have pushed for more immediate payouts to Americans until the pandemic is over, according to a Newsweek report.

In January, 53 House Democrats asked Biden and Vice President Kamala Harris for “recurring stimulus checks” in a letter, where they said “one more check is not enough,” the report says.

“It was very encouraging to see direct financial aid included in your current economic bailout plan. It is clear, however, that we must take additional unprecedented action at this unprecedented time in our nation’s history,” the group said.

THIRD STIMULUS

If you qualify for the third stimulus check but have not yet received payment, you can find out when the payment will enter your bank account by using the Internal Service Revenues (IRS) tool “Receive my payment”.

You can use the Download my payment tool, available in English and Spanish, only on IRS.gov. It is updated once a day, usually at night.

IF YOU ARE ELIGIBLE

Many families will receive more money from the third incentive account than from the first two incentive packages because payments are made for dependents of adulthood.

Unlike the first two incentive payments, the third payout is not limited to children under 17. Eligible families receive a payment based on all their eligible dependents upon their return, including older relatives such as students, adults with disabilities, parents and grandparents.

The payment per person will be greater for most people than what they received from previous packages.

Most families get $1,400 per person, which includes all dependents listed on their tax returns. Usually this means that a single person with no family members gets $1,400, while a family of four (married couple with two dependents) gets $5,600.

To qualify for the full amount, an individual must have adjusted gross income of $75,000 or less. For individuals who are the head of the household, the adjusted gross income must be $112,500 or less. If you are a married couple applying jointly, the total annual income must be $150,000 or less to receive the full stimulus check.

Most taxpayers do not need to take any action to receive payment.

*** CLICK HERE FOR FULL CORONAVIRUS COVERAGE IN NEW YORK***

PREVIOUS INCENTIVE PAYMENTS

The first round of stimulus under former President Donald Trump sent checks worth $1,200 to individuals who filed tax returns with adjusted gross income of up to $75,000. Payments were reduced for singles earning up to $99,000 – it fell $5 for every $100 in income over $75,000. Individuals earning more than $99,000 did not receive a check.

Couples who filed joint tax returns in 2018 received $2,400, as long as the combined adjusted gross income was up to $150,000 — those earning up to $198,000 received a partial payment.

Eligible dependents 17 and under were awarded $500.

After much negotiation, the second stimulus check sent $600 to all eligible Americans and dependents.

IRS: Incentive payments could appear in bank accounts as early as this weekend

Additional information is available at: IRS.gov.

FOLLOW TRACEY PORPORA ON FACEBOOK and TWITTER


You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *