Stimulus Check

• The maximum amount for the third round of stimulus checks would be $1,400 for any eligible individual or $2,800 per eligible couple filing taxes jointly.
• Each eligible dependent — including adult dependents — also would qualify for a payment of $1,400. That means a family of four could receive as much as $5,600 in total.
• Eligibility: Single adults who reported $75,000 or less in adjusted gross income on their 2019 or 2020 tax return would receive the full $1,400 payments, as would heads of household who reported $112,500 or less.
• Couples filing jointly who earned $150,000 or less in adjusted gross income would receive the full $2,800.
• The increase in the amount dependents could receive is one big change with this third round of stimulus payments.

As the COVID-19 crisis continues, a December 2020 federal bill awards an additional  stimulus check to eligible Americans.

The bill includes restarting a $300 boost to the federal unemployment insurance benefit, extending eviction moratoriums for renters by a month and a $600 direct payment to most Americans, according to the 5,600 page text of the bill.

The payment is available to individuals earning up to $75,000 per year and to couples earning up to $150,000.

If you still haven’t received the previous April 2020 stimulus payment or only got part of it, you can claim what is known as a “recovery rebate credit” when you file your 2020 tax return.

The Internal Revenue Service has more details about the “Recovery Rebate Credit” on  its website.

The stimulus guide includes an FAQ section for understanding important info, including:

• Who is eligible to receive a stimulus check?
• How will the IRS determine income for the stimulus payment?
• How much money you will receive.
• Will the stimulus money be considered income that has to be claimed on taxes?
• How will you get the stimulus payment?
• The stimulus check’s impact on other benefits or if debts are owed to other agencies.