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Third stimulus check update today: Timeline, calculator and status of $1,400 payments

Third stimulus check update today: Timeline, calculator and status of $1,400 payments
(Image credit: Getty Images)

A third stimulus check worth $1,400 is included in a $1.9 trillion stimulus bill that has officially been proposed by House Democrats. You might be wondering what the bill's timeline for getting passed is, or how to use a calculator to find your stimulus check amount.

According to a poll by the New York Times, 72% of Americans support the new bill. But until a concrete deal is reached, the third stimulus check amount and income limit are up for negotiation. It's also unclear what additional aid the third stimulus check will be packaged with.

What's the latest third stimulus check update? As it stands, the proposed third stimulus check amount is $1,400, which, when coupled with the existing $600 check, would get $2,000 to all eligible Americans.

The third stimulus check eligibility guidelines will likely be more generous than they were for the first and second checks:

People who make up to $75,000 a year, according to their most recent tax returns, will still qualify for the entire payment. Couples filing jointly will get the full payment if they have a joint total income of $150,000 or less. 

But dependent children up to age 23, as well as elderly parents dependent upon adult children, may also qualify for the full amount, a change from the previous two bills.

Here's everything else we know about the proposed third stimulus check, including new details on where it stands.

Third stimulus check update today (Feb. 24)

The proposed relief bill framework provides $1,400 to every American who qualified the first two stimulus checks, plus their dependents up to age 23 and seniors. The plan also includes aid for small businesses, resumes federal supplements to people receiving state unemployment benefits and gives money to institutions that are at the forefront of combating the coronavirus. 

We could see federal minimum wage raised to $15 per hour under this plan, too.

Another round of direct payments could materialize with a different relief bill. Despite the President and House Democrats calling for $1,400 checks, a Republican proposal suggests every eligible taxpayer should get $1,000. Another proposal from Democrats still supports $1,400 checks, but at a lower third stimulus check income threshold. There's proposal in favor of monthly payments for people with young dependents, too.

Congress is in session this week and working towards sending a stimulus package to President Joe Biden's desk before March 14, when federal unemployment benefits will expire.

If you haven't received your first two checks, you might have to claim it on your next tax returns using the Recovery Rebate Credit. You can check the status of your second stimulus check using the Get My Payment tool on IRS.gov.

Third stimulus check timeline: What's the release date?

The timeline of the third stimulus check is taking shape. House Speaker Nancy Pelosi wants a stimulus package on President Joe Biden's desk before March 14, when federal unemployment benefits expire. That gives Congress a few weeks to figure out a package.

The House Budget Committee is reportedly arranging the relief legislation. Meanwhile, the House Rules Committee is providing terms for the bill's floor debate.

If those steps are completed, the House can hold hearings and vote on the bill. The Senate would receive a House-passed after that. As soon as the Senate approves the legislation, it can go to the President for a signature. 

Then the IRS can begin sending out checks in the same manner it sent the first $1,200 check and second $600 check. Since the framework is already in place, Americans could begin receiving their stimulus checks about two weeks after a relief bill is approved.

Third stimulus check amount: How much is the third stimulus check?

The third stimulus check is worth $1,400 for Americans who make $75,000 or less per year. When President Joe Biden proposed the third round of payments, he said they'll supplement the $600 payments that began going out late last year. 

Stimulus check eligibility: Who will get the 3rd stimulus check?

If you were eligible for the first and second stimulus checks, you will likely also be eligible for the third stimulus check.

In the first two stimulus bills, people who earned $75,000 or less per year according to their most recent tax returns qualified for the entire stimulus check. Joint filers who earned up to $150,000 per year were also eligible for the entire amount. 

People who earned more than those amounts received a prorated amount that was reduced by $5 for every $100 of income above the threshold. 

Because the payment amounts were different between the first two bills, the income cutoff to get any money at all was $99,000 for single filers for the first check, but only $87,000 in the second check. The cutoffs were double those amounts for joint filers.

If the same formula ends up being applied to Biden's proposed $1,400 checks, then the income cutoffs to get any money would rise to $103,000 for single filers and $206,000 for joint filers.

Biden also proposes that dependents up to age 23, as well as senior parents living with adult children, should qualify families for additional $1,400 payments. That means that most Americans who are dependents of someone who earns up to $75,000 would be eligible for the third stimulus check.

Third stimulus check calculator: See how much you're eligible for

The third stimulus check calculator could be useful to know how much you money you'll get as you look into your next few months of personal finances. It’s also useful to read up on the best ways to spend your stimulus check if you don’t already have a plan for your payment.

Forbes made a third stimulus check calculator that can help you figure out your third stimulus check amount. 

How it works: Go to https://www.forbes.com/advisor/personal-finance/third-stimulus-check-calculator/. Complete the short questionnaire. Enter how you filed your taxes (single/joint), how many children you have and your adjusted gross income (AGI) for 2019.

Third stimulus check dependents: How much will dependents get?

Under President Biden's current plan, more dependents will be eligible for stimulus checks than in previous relief legislation. Dependents age 23 or younger and elderly parents living with their adult children all qualify.

If you meet the complete stimulus check income limit requirements and claim a dependent, you'll receive an additional $1,400. A family of four could get $5,600, for example.