- Congress may soon approve a third round of stimulus checks worth $1,400 for some Americans.
- The Senate just approved full stimulus checks for individuals earning $75,000 or less, and couples earning $150,000 or less.
- Payments phase out at $80,000 for individuals and $160,000 for married joint filers.
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Congress is close to reaching a deal on yet another economic relief package.
On March 6, the Senate passed a version of the $1.9 trillion American Rescue Plan after a marathon session. The bill now heads back to the House where it is expected to pass fairly quickly. From there, it will move on to President Biden for a final signature.
The bill contains a third round of stimulus checks worth up to $1,400 per person, including dependents, and $2,800 per married couple — the largest payments yet.
As with the previous rounds of stimulus checks, the amount of money that goes to qualifying Americans is based on adjusted gross income. People whose AGI falls under a specified level get the maximum check, while others who earn above that amount but below an upper threshold will be eligible for a reduced check.
The Senate made some changes to the House bill it received earlier in the week, including reducing the upper income limits for the third round of stimulus checks.
What are the income limits for the 3rd stimulus check?
Here’s who qualifies for a full $1,400 check:
- Single filers with AGIs of $75,000 or less
- Head-of-household filers with AGIs of $112,500 or less
- Married joint filers with AGIs of $150,000 or less
Anyone with a Social Security number who filed taxes for 2019 or 2020 and meets those income requirements would get $1,400 — or $2,800 if married and both spouses have Social Security numbers — plus an additional $1,400 per dependent, regardless of age.
Reduced checks would go to people earning above those income limits but below $80,000 for single filers, $120,000 for head-of-household filers, and $160,000 for married joint filers.
The Senate version of the bill reduced the upper limits to below the previous two rounds of checks, meaning fewer Americans will receive a stimulus check this time.