When could the new stimulus check arrive?
1:05
Washington (CNN) -
A third round of stimulus payments is expected to be on the way later this month.
The payments are included in a comprehensive $ 1.9 trillion covid aid package that was approved by the Senate on Saturday and could be signed by President Joe Biden shortly after the House of Representatives takes a final vote, which now it is expected to be Wednesday.
About 90% of American households will be eligible, according to an estimate from the Penn Wharton Budget Model.
This is what you should know:
How much will you receive?
Payments are worth up to US $ 1,400 per person, including dependents.
So a couple with two children could receive up to $ 5,600.
Unlike previous rounds, families will now receive the additional money for adult dependents 17 years and older.
The total amount goes to individuals earning less than $ 75,000 in adjusted gross income, heads of households (such as single parents) earning less than $ 112,500, and married couples earning less than $ 150,000.
But then the payments are phased out as income increases.
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Are you making too much money to be eligible?
Individuals earning at least $ 80,000 a year in adjusted gross income, heads of households earning at least $ 120,000, and married couples earning at least $ 160,000 will be completely excluded from the third round of stimulus payments. regardless of how many children they have.
What year are the income limits based on?
Income thresholds will be based on the most recent taxpayer return.
If they already filed a return in 2020 by the time the payment is submitted, the Internal Revenue Service (IRS) will base eligibility on your 2020 adjusted gross income. Otherwise, it will be based on the 2019 return .
When can you expect the money?
People could start to see payments hit their bank accounts within days of Biden signing the bill, which is expected to happen shortly after the House votes Wednesday on the covid aid package from US $ 1.9 trillion.
For the previous pandemic stimulus bill, the IRS began sending out the second round of payments three days after then-President Donald Trump signed that legislation in late December.
But the tax filing season, which is underway, may slow down the process this time.
Payments are not made all at once.
Those whose banking information is on file with the IRS would likely get the money first, because it would be deposited directly into their accounts.
Others may receive paper checks or prepaid debit cards in the mail.
READ
: What's next for the covid aid bill (and when could you get another stimulus check)?
You got the last stimulus check.
Will you get this one?
Not necessarily.
While the same people who received the full amounts in the previous two rounds of stimulus payments will likely receive the full amount this time, the checks will be phased out now, with lower income levels in mind.
The first round, which was worth up to $ 1,200, excluded people who earned at least $ 99,000, taxpayers heads of households with one child who earned more than $ 136,500, and married couples without children who earned more. $ 198,000, but families that made a little more were still eligible if they had children.
About 160 million payments were delivered, and 94% of the families received the money.
The second round, which went up to $ 600, was also cleared a little faster because the total amount was less.
It was cut entirely at $ 87,000 for single taxpayers with no children and $ 174,000 for married filing jointly without children.
Again, those who made a little more were still eligible if they had children.
About 158 million payments were made, and 92% of families received them.
Payments have been based on the taxpayer's most recent tax return.
So those who have filed new returns since last March could fall in or out of eligibility if their income changes.
Who else is not eligible?
Undocumented immigrants who do not have Social Security numbers remain ineligible for payments.
But your spouses and children are eligible as long as they have Social Security numbers.
They were excluded from the first round.
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Will you need to return any money to the IRS if you made more in 2020?
No. If your 2019 income was less than your 2020 salary, you will not owe any money.
But if your income dropped in 2020, filing your taxes now, before payments are made, may mean you will get a bigger check.
What if you never received the last check but you think you are eligible?
Most people receive payments automatically, but there are many who missed out, for a variety of reasons.
An estimated 8 million eligible people did not receive the first round of payments that were released last year.
Many of these people have very low incomes and are not normally required to file tax returns.
Last year, the IRS created an online portal where they could sign up for the money.
It is not yet clear if the agency will open the portal again for the third round of payments.
People who have moved or changed bank accounts since the last time they filed tax returns may have lost them as well.
Those who were owed money during the first two rounds of payments and did not receive it can claim it as a tax credit, known as the Recovery Refund Credit, on their 2020 tax returns.
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