$1,400 Stimulus Checks announced in American Rescue Plan—What You Need To Know

The House of Representatives officially passed the American Rescue Plan this weekend—which includes third round stimulus checks for qualifying individuals.

The 1.9 trillion stimulus bill also includes financial aid and federal subsidies aimed at alleviating the economic toll on businesses and unemployed individuals affected by the COVID-19 pandemic.

This third stimulus check will provide up to $1,400 for a single taxpayer, $2,800 for married couples and $1,400 for dependents. For the first time, adults over 18 years are considered eligible dependents.

How much will I receive and when?

$1,400 checks will go to individuals who earned up to $75,000 annually, and married couples with annual income up to $150,000.

Stimulus checks will also be provided to individuals who earn less than $100,000 (or married couples who earn less than $200,000). The total amount received will be reduced, and calculated based on total annual income.

If the IRS keeps pace with previous timelines, Americans could expect to receive their stimulus checks as soon as late March to early April.

However, the bill still requires Senate approval. If any changes are required by the Senate Americans could experience delays on the issuance of the third stimulus check.

Can I still apply for the first and second round stimulus checks?

If you have not yet received a stimulus check, or think you received the wrong amount, you can apply for a Recovery Rebate Credit when you file your taxes.

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