Are There More Stimulus Checks Coming

Calculating Your Third Stimulus Check Amount

Under the American Rescue Plan, every eligible person will receive a $1,400 third stimulus check “base amount.” For married couples that file a joint tax return, the base amount is $2,800. Then, for each dependent in your family, an additional $1,400 will be tacked on.

But not all people will receive the full amount. As with the first two stimulus payments, third-round stimulus checks will be reduced potentially to zero for people reporting an adjusted gross income above a certain amount on their latest tax return. If you filed your most recent tax return as a single filer, your third stimulus check will be phased-out if your AGI is $75,000 or more. That threshold jumps to $112,500 for head-of-household filers, and to $150,000 for married couples filing a joint return. Third-round stimulus checks will be completely phased out for single filers with an AGI above $80,000, head-of-household filers with an AGI over $120,000, and joint filers with an AGI exceeding $160,000.

You can use our handy Third Stimulus Check Calculator to get a customized estimated payment amount. All you have to do is answer three easy questions.

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Washington The federal government has sent out three rounds of stimulus checks to help people during the pandemic, but despite their political popularity, there’s no proposal on the table to deliver a fourth round.

A 4th Stimulus Check Is Happeningif You Live In These States

9 Minute Read | December 14, 2021

It seems like every time a stimulus check goes out, theres a five-second pause before someone starts asking, So . . . will there be another stimulus? If youre one of those people who has been wondering if a fourth stimulus will happen, weve got your answer: Yes . . . kind of. Its true, a fourth stimulus check is happeningbut only if you live in certain states in America.

Right now, you might be thinking, Wait. What? Really?

Yep, its for real. Lets dig into this topic layer by layer and coast to coast.

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Is There A Deadline To Get My Second Stimulus Check

All second stimulus checks were issued by January 15, 2021. If you didnt get a second stimulus check by then , you can claim your second stimulus check as the Recovery Rebate Tax Credit on your 2020 tax return or use GetCTC.org if you dont have a filing requirement.

If youre required to file taxes:

The deadline to file your 2020 tax return was May 17, 2021. The tax filing extension deadline is October 15, 2021. Many tax filing software programs close after this date. If you can find an online tax filing program that is still accepting 2020 tax returns, you can file a tax return to get your stimulus checks even though the deadline has passed.

If you dont owe taxes, there is no penalty for filing late. If you owe taxes, you may be subject to penalties and fines for not filing or not paying taxes. The government may reduce your tax refund to pay for any taxes you owe and other federal and state debts.

To learn more about your options if you think you owe taxes, read Filing Past Due Tax Returns and What to Do if I Owe Taxes but Cant Pay Them.

If youre not required to file taxes:

The deadline to use GetCTC.org is November 15, 2021. You can get the Recovery Rebate Credit using GetCTC.org, a simplified tax filing portal for non-filers. GetCTC is an IRS-approved service created by Code for America in partnership with the White House and U.S. Department of Treasury. You can use the portal even if youre not signing up for the Child Tax Credit advance payments.

Hawaii: $300 Rebate Payments

In January, Gov. David Ige proposed sending a tax rebate to every Hawaii taxpayer. Taxpayers earning less than $100,000 per year would receive $300, and those earning more than $100,000 per year would receive $100. Dependents are eligible for the rebate, too.

The Hawaii legislature has approved the rebate, but details for distribution havent been released. Payments may begin processing in late August, per the state Department of Taxation.

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Check If You Qualify For The Golden State Stimulus Ii

To qualify, you must have:

• Filed your 2020 taxes by October 15, 2021
• Had a California Adjusted Gross Income of $1 to $75,000 for the 2020 tax year. For this information refer to:
• Line 17 on Form 540
• Line 16 on Form 540 2EZ
• Had wages of $0 to $75,000 for the 2020 tax year
• Been a California resident for more than half of the 2020 tax year
• Been a California resident on the date payment is issued
• Not been claimed as a dependent by another taxpayer
• A dependent is a qualifying child or qualifying relative. Go to FTB Publication 1540 for more information about a qualifying child and qualifying relative

To receive your payment, you must have filed a complete 2020 tax return by .

If you dont qualify for GSS II, you may qualify for GSS I.

Parents Who Qualify To Claim The Second Half Of The Child Tax Credit Money

Parents who received any or all monthly tax credit payments are also eligible to receive another stimulus payment in 2022. That’s because the monthly checks that were issued in the second half of 2021 were just one-half of the total Child Tax Credit payment. The other half has to be claimed on your taxes, so make sure to do that when you file. You may be owed up to $1,800 per qualifying child, and this money will be issued as part of your tax return after your tax filings are processed by the IRS.

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Th Stimulus Checks Given Out To Teachers

For other states, their fourth stimulus checks are taking on a new lookas teacher bonuses! Its no secret that teachers are the unsung heroes of our communities, and theyve been put through the wringer during the pandemic. To show them the appreciation that they more than deserve, some states are giving teachers a fourth stimulus.

• Florida

In Florida, teachers will be getting a $1,000 bonusalthough some of the details of who qualifies are up in the air. If youre a teacher in the Sunshine State, check with your district to see if you can get in on this.14

• Georgia

Georgia is extending the $1,000 bonus to both full-time teachers and administrators. Part-time teachers will still score a bonus of $500, and theres even a plan in place to give a bonus to pre-K teachers.15

• Michigan

Earlier in 2021, Michigan used a grant to pay bonuses of $500 to its teachers and $250 to school support staff. No word yet on whether theyll give out another bonus, though.16

• Tennessee

Our very own Tennessee is giving full-time teachers $1,000 and part-time teachers $500 to thank them for their hard work.17

• Texas

Now, nothing has happened statewide yet, but some districts in the Lone Star State are giving out their own bonuses. Districts are gifting things like 24% raises, a $500 bonus, and even a $2,000 incentive for some teachers to return to the classroom.18

New Jersey: $500 Rebate Checks

In fall 2021, Gov. Phil Murphy and the New Jersey state legislature approved budget measures to send one-time rebate checks of up to $500 to nearly 1 million families.

Now, Murphy has proposed earmarking an additional $53 million to send $500 payments to those who file taxes using a taxpayer identification number instead of a Social Security number. These newly eligible people would include nonresident and resident aliens, their spouses and dependents.

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Which Cities Are Giving Out 4th Stimulus Checks

Thats rightcities are now getting in on the stimulus check action too . See if your town made the list:

• Chicago

Low-income residents of The Windy City have been given stimulus checks at random. You read that right. Chicago will give out $500 checks to 5,000 people each month throughout 2022. Theyll be selected at random for this stimulus lottery.19

• Los Angeles

Like Chicago, LA is handing out payments to low-income residents for a year. Their program, called BIG:LEAP, will give 3,200 randomly chosen people $1,000 each month.20

• Pittsburgh

Pittsburghs program is called the Assured Cash Experiment and gives 200 low-income residents $500 each monthfor two years. The program will spend $2.5 million on lower-income zip codes.21

• Santa Ana

The close-by neighbors of LA are getting a stimulus program of their own called the Revive Santa Ana Resident Stimulus Program. It will give out $6 million to neighborhoods that fall below the poverty level in Santa Ana. Payments of $300 will be loaded onto prepaid debit cards and given out door to door to about 20,000 residents.22

• Seattle

Seattle has one of the more generous payouts on the list. The Seattle Relief Fund is a $16 million program that gives payments of $1,0003,000 to low-income residents of the Emerald City.23

Child Tax Credit Increased For 2021

For this year only, the child tax credit has increased from $2,000 per child to $3,000 per child. Parents of children under age 6 would be eligible for an even larger $3,600 total credit. The plan also includes $3,000 benefits to the parents of 17-year-olds who meet plan qualifications. Previously children had to be 16 or younger.

The child tax credit has increased from $2,000 per child to $3,000 per child. Parents of children under age 6 would be eligible for an even larger $3,600 total credit.

The plan also includes $3,000 benefits to the parents of 17-year-olds who meet plan qualifications. Previously children had to be 16 or younger. The credit is also fully refundable.

For the standard $2,000 child tax credit, the phase out starts at $400,000 if filing jointly. According to the relief plan signed earlier this month, the additional credit will phase out for single filers at $75,000 and joint filers at $150,000.

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Fourth Stimulus Check Amount

The fourth stimulus check amount depends on several factors. If passed, it would probably look similar to the previous checks, although that’s not guaranteed.

For reference, the first stimulus check amounted to as much as $1,200, while the second stimulus check brought $600 to eligible Americans. The third stimulus check, which the IRS is still in the process of distributing, is worth up to $1,400 per person, although the eligibility requirements are narrower.

All three checks gave the full amounts to taxpayers who made up to $75,000 a year, according to their most recent tax returns. Couples filing jointly got the full payment if they had a joint total income of $150,000 or less.

With the first two checks, those making up to $99,000 alone or $198,000 as a couple received prorated payments. With the third check, individuals who earned more than $80,000 per year or $160,000 per year as joint filers got nothing. Our guide to the stimulus check calculator can show you what your own eligibility looks like.

Dont Wait For A 4th Stimulus Check To Take Control Of Your Money

Getting your hands on some extra cash when youre in a tough spot can feel like a breath of fresh air, but dont depend on a stimulus as your money plan. Weve said it before and well say it again and again dont wait around for the government to take care of you. Its never a good bet.

And truth be told, youll be waiting around for a long time. Sure, a fourth stimulus check can help you out, but it isnt going to be your lifeline. If you really want to take control of your money, you need a proven plan that you are in charge of.

Sooner or later, stimulus checks run out. But knowing how to budget, save, and make your money goals happen is something that keeps on giving. And we know just the thing to get you there. The premium version of our budgeting app EveryDollar, and Financial Peace University are the trusted tools you need to build habits that keep you on track with your money goals. Get your money working for you and start creating the life you wantwithout waiting on the government.

About the author

Ramsey Solutions

Ramsey Solutions has been committed to helping people regain control of their money, build wealth, grow their leadership skills, and enhance their lives through personal development since 1992. Millions of people have used our financial advice through 22 books published by Ramsey Press, as well as two syndicated radio shows and 10 podcasts, which have over 17 million weekly listeners.

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Unemployment Expected To Fall To 3 Percent

The US economy has been going gangbusters, recovering much faster than after the Great Recession. With covid-19 vaccine shots in their arms, Americans began venturing out once again driving up demand and hiring. This led to the most jobs gained on record in one year with the US adding 6.4 million in 2021.

The current unemployment rate of 4 percent though is still above the pre-pandemic level when it was 3.7 percent. And for all the jobs that were added there still remains a nearly similar number of Americans unemployed. However, the St Louis Fed President Jim Bullard predicts that it could , a level that could mean the economy is overheating.

St. Louis Fed President James Bullard sees the U.S. unemployment rate falling below 3% this year, a jobless rate the country last saw in the early 1950s, he told in a conversation on Twitter Spaces 1/3

Reuters Business

More Money Could Be Approved By Congress Soon

Though thereâs plenty we still donât know and much up for debate, there could be additional cash in the pockets of Americans in the following scenarios:

If the child tax credit raise is made permanent. Money from the expanded child tax credit started this summer with monthly payments to millions of lower- and middle-income families with children. In a speech this summer, Biden called on Congress to extend the expanded child tax credit through 2025. Some lawmakers and economists are now pushing for the enhanced credit, and House Democrats put forward a proposal to make it permanent, though it is still controversial.

If thereâs a minimum wage hike. Some senators continue to look for ways to boost the federal minimum wage, which stands at $7.25 per hour. A few proponents want to set the bar at a $15 hourly wage, and others are looking to only go up to $11 an hour. In recent years, many states, localities and businesses have implemented minimum wage increases above the federal level. However, the discussion of a new national rate of $15 an hour has hit a roadblock in recent months, and the likelihood of it being enacted anytime soon is low.

In the meantime, hereâs what to know about the tax refunds going out for those who received unemployment benefits in 2020.

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Stimulus Spending Can Stabilize Demand

In the end, stimulus checks made the pandemic-era recession less severe, said Zachary Parolin, a research scientist at the Center on Poverty & Social Policy at Columbia University. The first two payments alone were found to lift more than 11.7 million Americans out of poverty, including more than 2 million seniors and 3 million children.

“In their absence, consumer demand would have likely been lower, threatening larger declines in employment,” Parolin said. Families spent the cash mostly on food and utilities.

As a result, he expects to see the checks again, too.

“If economic shocks put the economy at risk, then stimulus checks will certainly be a tool that the federal government considers applying,” he said.

When You’ll Receive Your Payment

The final date to qualify has already passed for filers other than those with pending ITINs. If you have already filed, you don’t have to do anything.

If you have not received a payment by now, you will most likely receive a paper check. In addition, if you did not receive a refund with your tax return or owed money at the time of filing, you will receive a paper check.

Payments will go out based on the last 3 digits of the ZIP code on your 2020 tax return. Some payments may need extra time to process for accuracy and completeness. If your tax return is processed during or after the date of your scheduled ZIP code payment, allow up to 60 days after your return has processed. Please allow up to three weeks to receive the paper checks once they are mailed out.

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Make Your Own Stimulus

Whether or not you have more stimulus money coming your way, you can help yourself by finding new savings. A few ideas:

• Are you carrying a lot of student loan debt? If your school loans are from a private lender and not the government, a federal pause on payments doesn’t apply to you. But you might have an option to pay off your student loan sooner. A refinance can lower your interest rate and possibly shave years off your payments.

• If you carry multiple credit card balances and other high-interest debt, you might want to roll them into a single debt consolidation loan. Youll have only one payment to budget around, the lower interest rate will slash the cost of your debt, and you may pay it off faster.

• Prices can be all over the place when you shop online, so make sure you don’t overpay. A tool to compare prices automatically hunts for better deals and coupons before you click “buy.”

• You don’t need another stimulus check or much money at all to put a toe in the stock market or broaden your investments. A popular app helps you build a diversified portfolio by investing your spare change” from everyday purchases.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.