Third Stimulus Check: $1400 per person.

KEY POINTS

  • President Joe Biden signed the $1.9 trillion coronavirus relief package on Thursday afternoon.
  • The plan, his top priority as president, sends direct payments of up to $1,400, extends a $300 per week unemployment insurance supplement, expands the child tax credit and puts funds into vaccine distribution.
  • Democrats passed the legislation on their own in Congress, as Republicans question the need for a major stimulus package while the economy improves.

An eligible family of four would receive $5,600, more than they were eligible for in the prior stimulus payments.

The first checks / direct deposits should begin March 15th weekend, according to Press Secretary Jen Psaki.

The Senate narrowed income eligibility (higher income taxpayers are excluded) and the following taxpayers will be excluded:

  • Individuals phase out between $75,000 and $80,000;
  • Heads of household phase out between $112,500 and 120,000;
  • Couples filing jointly phase out between $150,000 and $160,000.

To calculate the stimulus payment the IRS will use the information about your income from the 2019 tax return if your 2020 tax return isn’t filed and processed yet. 

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Derren is a part of an international tax team that works with 6, 7 and 8 figure International Entrepreneurs, Expats and Investors to legally minimize their global tax burden and protect their wealth. Strategies include second citizenships, second residencies, trusts, foundations, insurance wrappers and other offshore structures.

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