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Stimulus Checks III

The president signs into law the 1.9-trillion dollar ORCA bill, I mean ARPA, the American Rescue Plan Act.

It’s full of all kinds of…stuff.  Stuff we’ll address another time.  Today, we’re looking at stimulus checks.  Do you get one, how much, and when is it coming?

This latest round of stimulus, Round 3, 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.  You’ll recall previously kids were cut out once they hit age 17.

Here’s another difference.  Adult dependents, such as elderly relatives, also have a check coming.  They were ineligible for prior payments.

Not everyone will qualify for a check.  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 won’t have, as the filing deadline is still a month away.  So they’ll look at your 2019 return.

Just like last time, payments will go out direct deposit if your bank info is on file.  Otherwise, it’s old school paper checks.

According to the White House, payments could starting arriving this weekend.  It’s not like they haven’t done this before.  When President Trump signed off on the December payments, they started hitting bank accounts within a few days.