There’s a new president, a new Congress and a new push for a third round of stimulus checks to help people survive the financial hardships brought by the covid 19 pandemic.
Here’s a few tips on making sure you qualify for the next round of payouts.
Direct cash payments, extended unemployment insurance, rent relief food assistance, keeping a sense of frontline workers on the job, aid to small businesses.
These are the key elements to the American rescue plan that would lift 12 million Americans out of poverty.
President Biden’s $1.9 trillion Coronavirus relief plan would issue up to 14 $100 in economic impact payments to many Americans.
It looks like the bill might pass Congress as soon as March Like the last two rounds of COVID-19 relief bills, there will be weeks but hopefully not months of political wrangling and that means we could still see changes to when the money goes out or what the maximum payment will be.
Even who qualifies for check can change.
Now in the last stimulus payout in December, you qualified for the full $600 payment.
If you were a single US resident with an adjusted gross income of less than $75,000 on your 2019 tax return, if you filed as head of household, you qualified for the full payment if you earned under $112,500.
Those filing jointly without children qualified if they earned less than $150,000.
If your adjusted gross income surpassed those limits, you might have gotten a partial payment.
Families also got an extra $600 for each child aged 16 and under in their household Under the Biden plan, though dependents of any age could qualify, as well as households with a mix of US citizens and non citizens.
There has been pushback from both Republicans and Democrats on that.
The details of the Biden proposal.
So while they sort that out in Washington, make sure you are ready to receive the next payout.
If you lost your job or a lot of income in 2020, consider filing your 2020 tax return as soon as possible.
Possible here’s why your income qualification may be based on your latest tax return.
And you could be entitled to more stimulus money if you made a lot less in 2020 than in 2019.
So monitor the IRS website.
If and when a relief bill passes, things will likely move quickly The IRS which doles out the money, we’ll have the latest information on their website irs.gov slash Coronavirus, and of course check in email@example.com.
We have a team of reporters that are monitoring the situation pretty much 24 seven,