Over the weekend, the Senate approved President Joe Biden’s $1.9 trillion COVID relief bill, which includes a third stimulus check for many across the nation.
Many Americans are now wondering when they could expect another stimulus check.
According to CBS News, the bill named the American Rescue Plan Act will arrive in the United States House of Representatives this week for final approval. If approved, it will head to President Biden to be signed into law.
After this last step, the IRS could begin sending out checks within several days to one week, possibly as early as the weekend of March 13.
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“By next weekend, a couple making less than $160,000 could well have $2,800 deposited into their checking account,” said Chris Krueger of investment banking services company Cowen & Co. in an analyst's note prior to the bill's approval in the Senate.
The bill includes direct payments of $1,400 to individuals earning less than $75,000 and couples earning less than $150,000. Additionally, it would extend unemployment benefits, expand the Affordable Care Act, provide money for COVID vaccines and testing, and send funds to schools, states, cities, and other struggling industries.
Does your taxes play a role in when you receive the stimulus check?
Yes, the timing of when you file your taxes could determine whether you qualify for a check or not.
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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 squarely in the middle of the filing season. The IRS will base the check on the 2019 or 2020 tax return, whichever is currently on file.
If you’re married and filing jointly, you have to make $150,000 or under in combined household income to qualify.
However, if your status with the IRS is a “nonresident alien,” you don’t qualify for a third stimulus check. This is described as someone who “has not passed the green card test or the substantial presence test.”
Americans who aren’t required to file income taxes are likely to be eligible. If you had trouble with previous stimulus checks, you might want to file taxes this year. Issues that will happen during the third check will be resolved during the 2022 tax season.
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