![]() ![]() Payments are reduced gradually to the top limits: $80,000 for single filers, $160,000 for joint filers and $120,000 for heads of household. For heads of household, the limit is $112,500, and for couples, the limit is $150,000. Those who filed their 2019 or 2020 federal taxes as a single taxpayer need to have had $75,000 or less in adjusted gross income to get the maximum payment. There are more stringent income limits for the third round of stimulus payments. And like the second round of stimulus payments, the third round specifically prohibits payments to anyone who died before Jan. A family of four could get $5,600 in total payments. Families will get an additional $1,400 for each eligible dependent, regardless of age. Married couples who file jointly will receive $2,800 total ($1,400 apiece). The new stimulus relief legislation calls for a onetime payment of $1,400 to single adults. “And payments to eligible Americans will continue throughout the course of the next several weeks.” A bigger payout with more stringent income limits “Department of Treasury and the IRS are working hard to get relief payments out the door as fast as possible to the American people people can expect to start seeing direct deposits hit their bank accounts as early as this weekend,” said Jen Psaki, White House press secretary, in a press briefing on March 11, the day the $1.9 trillion American Rescue Plan was signed into law. As of May 26, the IRS says it has sent 167 million stimulus payments, worth about $391 billion. But that's a scenario no one should hope for.En español | Americans started seeing the third round of stimulus payments in their bank accounts on March 12. Of course, if the economic situation takes a drastic turn for the worse, then a follow-up stimulus round could be in the cards. That could mean cutting back on some expenses temporarily until the cost of living dips back downward. You can also put yourself on a stricter budget if you're struggling to make ends meet. Or if you're looking for extra work, the gig economy is still very much alive, which means you have a chance to take on a side hustle for extra money. If not, you can either fight for a raise or dust off your resume and seek out a new employment opportunity. But you can still take steps to boost your income.įirst, research salary data to see if you're being paid a fair wage where you work. The idea of not getting another stimulus check may be disappointing, especially at a time when inflation is rampant and everything seems to cost more. ![]() What to do if there's no more stimulus aid ![]() That alone could prevent a massive wave of layoffs. This is a very different scenario than the one that presented in March 2021, when the most recent stimulus check was approved.įinally, lawmakers aren't looking to impose massive shutdowns to combat the current COVID-19 surge like they did early on in the pandemic. Additionally, the labor market is loaded with jobs right now, so much so that many companies are raising wages in an effort to attract talent. ![]() In December, the national jobless rate dropped to 3.9%, the lowest level since the start of the pandemic. And speaking of the economy, it continues to improve. That could mean fewer workplace disruptions and closures.Īll of that would be a good thing for our economy. But the silver lining is that omicron is said to result in milder illness than its predecessors, which means it may not be as disruptive.įurthermore, the CDC recently updated its guidelines to shorten the length of quarantine for those diagnosed with COVID-19. is deep in the throes of a major COVID-19 outbreak - one that threatens to overwhelm hospital systems, force schools into remote learning, and impact supply chains. Why there may not be a fourth stimulus check If that were to happen, and the economy were to decline, then it could make the case for another stimulus payment. That scenario could force businesses to shut down and layoffs to ensue. More: These 0% intro APR credit cards made our best-of list Discover: This credit card has a rare $300 welcome bonus ![]()
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