The $1.9 trillion pandemic bill received approval from the House of Representatives on early Saturday.
It’s a major step towards delivering the highly-anticipated third stimulus check to Americans in need.
First, however, the bill must head to the Senate (and potentially back to the House if anything is changed) before it can be passed on to President Biden for final approval.
The overall relief bill would provide $1,400 payments to individuals, extend emergency unemployment benefits through August and increase tax credits for children and federal subsidies for health insurance, per the AP.
However, the check is said to be more “targeted” to provide aid for struggling Americans. Here’s who may or may not qualify this time around.
Your Taxes Play a Role
With new income limits in place, the timing of when you file your taxes could determine whether you qualify for a check or not.
With the Internal Revenue Service already accepting last year's tax returns and doing so until April 15, the passage of a new relief bill could land smack dab in the middle of filing season. The IRS will base the check on the 2019 or 2020 tax return, whichever is currently on file.
Per CNET, if you made more in 2020, you might want to hold off on filing. If you made less in 2020, filing sooner could come with an advantage.
"I would suggest that people file as soon as possible, especially with 75 percent of taxpayers last year receiving a tax refund close to $3,000," TurboTax’s Lisa Greene-Lewis told CBS News. "We are hearing a lot of people say ‘I had a baby in 2020, how will the IRS know this? When they issued the previous stimulus payment they didn't know that.'"
Not Eligible: Single payers with an Adjusted Gross Income Over $100k
With a focus on helping Americans in need, the stimulus checks will begin to phase out after $75,000. That means if your adjusted gross income (AGI) is over $100,000, you aren’t eligible for a stimulus check.
Those who fall somewhere between $75,000 and $100,000 may get a fragment of the check.
Not Eligible: Heads of Households with an AGI of $150K
Heads of households (those who don’t file jointly and claim a dependent) would not qualify if they have an AGI of $150,000 or more.
Those making between $112,500 and $150,000 would get a partial payment.
Anyone making below $112,500 as a head of household would qualify for the full amount.