The third stimulus check has an increased amount and the eligibility requirements have been changed by the Senate. The third stimulus check is $1,400 (married couples get $2,800) in full and as you make more than the designated income threshold, the check gets smaller until it phases out completely above the highest limit. While the income thresholds have been reduced for both single and married couples filing a joint return, those who are eligible to file taxes as head of household got their own income thresholds. The third stimulus check eligibility for the full $1,400 check is as follows.
EIP3 Income Thresholds
|Filing Status||Income (AGI)|
|Single – Married Filing Separately||$75,000|
|Married Filing Jointly||$150,000|
|Head of Household||$112,500|
As you make more than the income threshold, the check will be reduced. until you don’t qualify for a payment. The maximum income limits for the third stimulus check are $80,000 for single filers, $160,000 for married couples filing a joint return, and $120,000 for heads of households. Making a single dollar above these income limits will disqualify you for the third Economic Impact Payment.
Although the third stimulus check is higher than the first two Economic Impact Payments, the income limits have been reduced. With the EIP3, Americans get a higher check but fewer of them qualify. If there would be a 4th stimulus, we expect the income thresholds to remain the same as it is but the payment amount to be less than $1,400.
When is the fourth stimulus check?
There are no announcements or statements made on a fourth stimulus check yet. Considering that more than 18 million Americans receive unemployment benefits and the unemployment rate is over 6 percent, a fourth stimulus check is likely to come. If it were to come, we expect lawmakers to work on it in the upcoming months. Since the full amount of the third stimulus check is satisfying for the majority of Americans, a fourth check would contribute much to the economy.