New $1,400 stimulus checks could be done 'THIS MONTH' – here's when cash could be sent to youFebruary 13, 2021
A THIRD round of stimulus checks worth $1,400 could be done "this month".
This bout of checks is said to be moving through Congress at a much faster pace than the $600 second checks.
The newly Democratic-controlled Congress began working on the new checks in late January and legislation is clearing hurdles at a rapid pace after another was checked off on Thursday.
House speaker Nancy Pelosi said she expects lawmakers to finish their work and have something for President Joe Biden to sign by the end of this month.
The next round of checks is part of Biden's $19 trillion Covid rescue package, and the Dem's will be able to get the bill passed even if they have no Republican support.
The Democrats are likely to try to attract some Republican support by tightening the income limit for receiving a payment.
The financial packages are targeted for Americans earning less than $75,000 a year, although Democrats considered lowering the threshold to $50,000 after Republicans said the money for be for those who need it most.
$19 TRILLION SUPPORT
According to recommendations from CNET, Americans should make sure that they have their direct deposit set up with the IRS when they file their 2020 tax return.
The outlet also recommends that tax payers attempt to file quickly so that the IRS has their most recent financial information.
Those filing tax returns earlier this year will see a faster refund, and "for some people, it could also mean a bigger third stimulus check," advises Kiplinger.
Many Americans have received a stimulus check based on their tax returns.
But the IRS is encouraging those who don't usually file taxes, as well as those who should have got more money. to file if they have had a change in circumstance from 2019 to 2020, such as having a baby or an income drop.
By filing a tax return, you can get recovery rebate credit, which could lead to a larger return if you don't owe the IRS.
Americans should ensure they know how much they got in previous stimulus checks before filing taxes this year, to avoid complications.
The stimulus direct payments are not taxable at the federal level.
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