GOV/MIL Update on 3rd Stimulus money -- late March most likely.

mzkitty

I give up.
For those chomping at the bit (me too):

:)

3rd stimulus check update: $1,400 payments approved by budget committee; House vote soon

Updated 9:59 AM; Today 9:49 AM


A third round of stimulus checks has taken another step towards Americans’ homes as the House Budget Committee approved President Joe Biden’s $1.9 trillion Covid-19 relief bill, also known as the American Rescue Plan (ARP).

MassLive.com reports the committee voted 19 to 16 on Monday to push the package forward. House Speaker Nancy Pelosi vowed to hold a final vote by Friday and Senate Majority Leader Chuck Schumer has promised to pass the bill by March 14, when the current round of unemployment assistance and other coronavirus aid expires.

“We must act swiftly to put an end to this pandemic and to stem the suffering felt by so many millions,” Pelosi said in a statement.

NJ.com reports the ARP’s next hurdle is the House Rules Committee, which will decide what amendments, if any, will be allowed when the bill reaches the floor for debate and votes. Democrats control both chambers of Congress, but Republicans have objected to some items in the package including $350 billion in aid for state and local governments and a raise in the federal minimum wage to $15 an hour.

How much will I get?

House committees have approved giving the full $1,400 to individuals with incomes of up to $75,000 (phasing out until $100,000) and $2,800 for married couples earning up to $150,000 (phasing out until $200,000), similar to the first two rounds of stimulus checks. Roughly 85% of U.S. adults would be eligible for the full amount, based on your income from your most recent tax return.

Combined with the $600 stimulus checks approved by President Donald Trump in December, the package would mean $2,000 in direct payments to most Americans.

Parents would also receive $1,400 per dependent, instead of $600 in the first two rounds, and this third round of checks will include eligible adult dependents for the first time. The previous two rounds were limited to children under age 17, so parents with college-age students can expect even more money.

That means that a family of four could receive $5,600 — in addition to the new Child Tax Credit.

Chairman of the Ways and Means Committee Richard Neal (D-Mass.) has proposed a child tax credit of $3,000 per child ages 6 to 17 and $3,600 for children under age 6. The credit, based on the taxpayer’s 2020 income, would normally be a lump sum on an individual or family’s income tax return but will instead be delivered as a monthly payment from the IRS for $250 or $300, depending on the child’s or children’s age, for a full year to help families affected by the pandemic.

The current child tax credit, from the Tax Cuts and Jobs Act of 2017, provides $2,000 per child under 17 for single filers with incomes of $200,000 or less and couples filing jointly with $400,000 of adjusted gross income or less.

When will I get my stimulus check?

Late March, most likely.


After the second round was approved and signed by Trump, payments started going out within days. The first round of checks took weeks to begin arriving, even via direct deposit, but millions will receive the third round quickly if they have already verified their information on the IRS “Get My Payment” site.

Congress aims to have the bill on Biden’s desk by March 14, and delays are unlikely as Democrats can pass it in the Senate with a simple majority, bypassing a possible filibuster from Republicans.

That deadline means those with direct deposit could get their stimulus checks in late March and those who receive paper checks or debit cards would likely expect to receive their payments later in the spring.

What else is in the new coronavirus relief bill?

President Biden first proposed the $1.9 trillion relief package last month, including $400 in weekly unemployment benefits; $70 billion towards vaccination centers and Covid-19 testing; $130 billion to help schools reopen safely; $15 billion in small business grants; $350 billion in emergency funding for state, local and territorial governments; raising the federal minimum wage to $15 per hour (from the current rate of $7.25 an hour); reinstating paid sick leave; and $15 billion to help states subsidize child care for low-income families along with a $25 billion fund to help child care centers in danger of closing.

The first round of stimulus checks, which gave qualifying American adults a one-time direct payment of $1,200 plus $500 for each child under the age of 17, was part of Congress’ $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in March 2020. A second round of stimulus checks worth $1,200 was approved in the HEROES Act in May, but legislation stalled for months and the December package cuts those direct payments in half.

If you time your income tax filing just right, you could get a bigger stimulus check

Third stimulus check update: Progressives defend $1,400 payments as House prepares to vote


 

Cacheman

Veteran Member



Could Filing Your Taxes Early Cost You Your $1,400 Stimulus Check?
by Robin Hartill, CFP® Senior Editor

4-5 minutes


A third stimulus check isn’t a done deal, but it’s looking pretty likely. The White House is aiming to deliver $1,400 stimulus payments to most adults in the U.S. some time in mid-March — smackdab in the middle of tax season.

To get those payments out quickly, the House Democratic plan calls for using 2019 or 2020 tax returns to calculate payments. That means the IRS would use your 2020 tax return if it had already been filed and accepted, or your 2019 return if it hadn’t.

For most people, it won’t make a difference which year’s tax returns the IRS uses. They’ll qualify for the full stimulus check either way. But there is one circumstance where you would want the IRS to use your 2019 tax return — which means holding off on filing your taxes for last year.

Could Filing Taxes Now Cost You Your Third Stimulus Check?

For a lot of people, the trainwreck, no-good, dumpster fire of a year that was 2020 came with a job loss or a major income reduction. But if you were one of the lucky few who survived the year and made more money than you did in 2019, it could be in your best interest to hold off on filing.

The first stimulus check and second stimulus check both started to phase out at incomes above $75,000 for singles and $150,000 for married couples. The House Democrats’ plan would also phase out payments for people earning above these amounts. A single person making over $100,000 or a married couple making more than $200,000 with no dependent children would be ineligible.

If your 2019 and 2020 incomes were roughly the same, when you file won’t make a big difference to your check. The same goes for if your incomes are nowhere near these thresholds.

But here’s where it may make sense: Suppose you made $65,000 in 2019. Then in 2020, you made $90,000 for whatever reason — you got a big promotion, you took on a second job, you won a $25,000 jackpot.

Assuming that the next relief bill includes $1,400 checks with a phaseout beginning at $75,000 and a $100,000 income limit for singles, you’d get:
  • $1,400 if your payment was based on your 2019 return.
  • $560 if your payment was based on your 2020 return.
Under the previous two stimulus checks, payments were an advance on a 2020 tax credit, even though they were processed using 2018 or 2019 returns.

If your 2020 income turned out to be above the limits, you’d still be allowed to keep the payments. But if you earned too much based on your 2018 or 2019 returns but your 2020 income qualifies you for the first two checks, you can receive stimulus money with your tax refund.

The third round is expected to work the same way. Bottom line: If you get a stimulus check, you don’t have to worry about paying it back.

Who Should File Their Taxes Right Away?

For a lot of people, filing a 2020 tax return will result in more stimulus money. Unless your 2020 income is drastically higher than your 2019 income, you’ll want to file right away if:
  • You had a child in 2020.
  • You were eligible for the previous two checks but didn’t receive them or got less than you qualified for, either for yourself or for the child stimulus credits.
  • You were claimed as a dependent in 2019 but can’t be claimed in 2020, which will apply to many recent grads.
  • You were ineligible for the first two checks based on your 2018 or 2019 income but qualify based on 2020’s income.
Regardless of how quickly Congress moves here, it’s essential that you file your tax return by April 15. Also, remember that if you’re expecting a big tax refund, you’ll delay it if you hold off on filing.
 

20Gauge

Has No Life - Lives on TB
This is why I haven't filed my 2020 taxes yet.
Actually file them. It will update the system to your new address and bank information if there were any changes. Otherwise, no hurry

Exception is if you are over the limits.

Also of special note:

Even if your kid lived with you all year, if he made enough money to provide more than 50% of his support, that individual may be able to file as if they were not a dependent.

This will give them the stimulus past 2 and any future stimulus.

Downside, the parents will lose the $500 benefit, but if you have a child on the border, you may want to plan this out with the kid.

Info only.

Note this has been edited as I screwed up my posting. Also so I don't get banned by Dennis!!!!
 
Last edited:

20Gauge

Has No Life - Lives on TB
Also of special note:

Even if your kid lived with you all year, if he made enough money to provide more than 50% of his support, that individual may be able to file as if they were not a dependent.

This will give them the stimulus past 2 and any future stimulus.

Downside, the parents will lose the $500 benefit, but if you have a child on the border, you may want to plan this out with the kid.

Info only.
 

Dennis Olson

Chief Curmudgeon
_______________
Actually file them. It will update the system to your new address and bank information if there were any changes. Otherwise, no hurry
Dude, you should never tell someone what to do regarding their personal finances. Even if there were changes, if the person made over the limit this past year, filing would cost them dearly. Don't be the guy that costs people money.
 

hiwall

Veteran Member
I am really looking forward to the stimulus. We don't need the money (but we'll take it :) ) but it should boost the stock market some. Plus every business or at least retail businesses will all get a boost. It will certainly bump up the economy for a short bit.
Obviously it will fix nothing but just give people and business a boost. I'm sure additional stimulus will be coming later this year. Then maybe next year we will see the UBI come to pass. That will be a bigger boost at first but the boost likely won't last long before things fall apart.
 

20Gauge

Has No Life - Lives on TB
Dude, you should never tell someone what to do regarding their personal finances. Even if there were changes, if the person made over the limit this past year, filing would cost them dearly. Don't be the guy that costs people money.
see 2nd note.
 

von Koehler

Veteran Member
Martin Armstrong is predicting that inflation is due to actual physical shortages, not to monetary increases and there is a government drive to cancel cash. They want an all digital system which will, in their minds, eliminate the underground economy and boost taxes.

So it would seem like converting cash and financial assets to portable assets is the way to go.
 

20Gauge

Has No Life - Lives on TB
Martin Armstrong is predicting that inflation is due to actual physical shortages, not to monetary increases and there is a government drive to cancel cash. They want an all digital system which will, in their minds, eliminate the underground economy and boost taxes.

So it would seem like converting cash and financial assets to portable assets is the way to go.
All in All, if I was the feds, I would do the same.

It has been said people who use cards spend more than those who use cash.

That would hide inflation for a bit.

I also agree lack of goods is going to drive this inflation as much if not more than too much cash.
 

Dennis Olson

Chief Curmudgeon
_______________
20Gauge, you should really start your own thread on this topic, Half or more of the posts are either you spamming the thread or others' comments about trying to correct your spamming of the thread. You deserve a thread all your own, that you can self-spam to your heart's content.

:p
 
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