Are Stimulus Checks Coming?
Saturday, a divided Senate passed the $1.9 trillion stimulus plan, paving the way for $1,400 checks and jobless aid. The bill must now clear the House again!
The package would include direct payments of up to $1,400 for Americans, jobless aid of $300 a week to last till September 6th, with the first $10,200 in federal unemployment benefits tax-free for households making less than $150,000 per year.
Known as the American Rescue Plan Act, the bill will be sent to President Biden’s desk to be signed into law if it passes the House without changes. Congress is under pressure because legislation authorizing $300 a week in federal funds added to unemployment checks expires on March 14th.
Eligibility for the recovery rebate credits (stimulus checks) would phase out more quickly than it did previously. For single taxpayers, the phaseout will begin at an adjusted gross income (AGI) of $75,000 and the credit will be completely phased out for taxpayers with an AGI over $80,000. For married taxpayers who file jointly, the phaseout will begin at an AGI of $150,000 and end at AGI of $160,000. And for heads of households, the phaseout will begin at an AGI of $112,500 and be complete at AGI of $120,000.