Stimulus Checks Round Three – Who’s Eligible and When It Will Arrive:
On March 10th the House passed the final version of the American Rescue Plan, the next day Biden signed the $1.9 trillion stimulus plan into law. Many Americans (including children) will receive a third $1,400 stimulus check in a matter of days. Here are the latest updates on who is getting a third stimulus check and when they may arrive.
The checks will be for $1,400 per individual and depend on your AGI from your most recently filed tax return
Single filers- The phaseout begins at $75,000 and ends at $80,000.
Head of household- Phase Out begins at $112,500 and ends at $120,000.
Married filing joint- Phase Out begins at $150,000 and ends at $160,000.
Each eligible dependent, which now includes adult dependents, qualify for the $1,400 payment. This means a couple who files jointly and has two eligible dependents can receive $5,600.
Unemployment Insurance
$300 a week through September 6th. The first $10,200 is not taxable if your household has incomes under $150,000.
Child Tax Credit
Goes up to $3,600 for children under 6 and $3,000 for children up to 17.
There is a phaseout for individuals with income over $75,000 and joint filers over $150,000. The phaseout is $50 of credit per $1,000 over the ceiling. If you are fully phased out because of your income you can still claim the original amount of the credit.
The credit is effective for the tax year 2021. Instead of claiming it on your 2021 tax return, you can receive the credit in monthly installments starting July 2020 and ending December 2020.
Health Care
There is a boost to individual marketplace tax subsidies under the ACA.
Extra subsidies for COBRA, which is used for people to continue having health insurance if they recently lost their jobs.
Incentives for states to expand Medicaid.