If all goes according to schedule, millions of Americans will shortly get another stimulus check. Individuals can get up to $1,400, couples can get up to $2,800, and dependents can get another $1,400. The payments under the American Rescue Plan, which the Senate approved on Saturday, are the third and highest of Americans' coronavirus relief payments.
President Joe Biden acknowledged that the negotiation process was not always 'pretty,' but congratulated senators for passing the 'urgent' bill, as per The Washington Post. After an all-night voting session, tired senators voted 50-49 to approve the relief bill, paving the way for House passage next week, allowing legislators to return it to Biden's desk for signature.
What do I have to do to get a stimulus check?
The IRS will most likely issue advance payments depending on your 2019 federal return or your 2020 return if you have already filed one. If your adjusted gross income was too high for a payout in 2019, but you believe you may be entitled, you can file your tax return as soon as possible, depending on the circumstances from the previous year. You may have missed your work last year, for example. You could have had a child, making you eligible for a $1,400 dependent stimulus check.
However, the IRS advises against filing unless you have all of the documents you need to file an accurate return. Ken Corbin, the IRS's wage and investment commissioner, said, "We're building a variety of contingencies applicable to any proposed laws that might come forward."
Payments will be made depending on the federal return for 2019 or 2020, to be done within the month, The Sun reported. Payments to qualifying Americans were made soon after the second stimulus bill was signed into law in December, so expect a similar time frame in this situation.
Many who have a high Adjusted Gross Income (AGI) but think they might be eligible because of their conditions should file their tax return as soon as possible. Those with $75,000 or less will receive the full amount, while those earning $80,000 or higher and those earning $160,000 or more will not receive the full amount. Also, the bill increases emergency unemployment benefits and spending on COVID-19 testing, as well as tax cuts for low-income families.
Check the status of your stimulus check
Residents could check when and how their stimulus was given by going to the IRS website and clicking on the "Get My Payment" button." If you got more than one payment for the first round, the IRS explained, the Get My Payment application would only send you the most recent payment details. An invoice will not be given if the Get My Payment method does not include a payment date for your stimulus check, and you may claim the Recovery Rebate Credit if you are entitled.
See if you are eligible for the Recovery Rebate Credit
Generally, you are eligible for the Recovery Rebate Credit whether you are a U.S. citizen or resident alien in 2020, are not a spouse of another taxpayer, and have a Social Security number appropriate for jobs, according to the IRS. If your AGI exceeds the following sums, your credit will be reduced, as per Newsweek via MSN:
- $112,500 if filing as head of household.
- $150,000 if married and filing a joint return or filing as a qualifying widow or widower.
- $75,000 for eligible individuals filing as single or as married filing separately.