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Gimmie My Stimmie!

Somewhere buried in the latest Coronavirus Relief Bill, formally known as the American Rescue Plan Act, is something actually related to Coronavirus relief.  

Payments.  Money.  Checks.  A third round of stimulus.

When do you get your piece of the pie?  And how much will you get?  Let’s take a look.

And always remember, the only money the government has to give, is our money.  Money we paid in taxes.  Or money they’re just printing out of thin air.

Back to the first question.  When do I get some of my money back?  Otherwise know as when do I get my check. The official payment date is March 17th.  How’s that for a St. Patrick’s present.  But the IRS claims a batch was sent out last Friday.

How much is this pot ‘o gold?  This latest round of stimulus calls for checks of $1,400 per individual. That’s up from Round One’s $1,200 checks and $600 Round Two payments.

And that’s pretty much every individual in a household.  The kids of course.  Even if they’re off at college, as long as they’re claimed as dependents.

But not every Irishman will get a piece of the green.  There are income limits and the phaseout range is more restrictive.

Individuals with income up to $75,000 will get the full amount.  Married couples making less than $150,000 also get the full payments.

Unlike prior rounds, the phase out range drops off fast.  Make $80,000 or more and you get nothing.  Couples cut off at $160,000.

The IRS will use information from your 2020 tax return to determine your check amount, that is if you’ve filed for 2020 already.  A lot of folks haven’t as the filing deadline is still weeks away.  So they’ll look at your 2019 return.

The IRS has kind of got this down now, it being the third round of checks.  When President Trump signed off on the December payments, they started hitting bank accounts within a few days.

You can check the status of your payment on the IRS website.