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A third round of stimulus payments is expected to be on the way later this month!
The payments include a $1.9 trillion COVID relief package that was approved by the Senate on Saturday and could be signed by President Biden soon after the House takes a final vote.
Here's what you need to know:
90% of American households will be eligible. The payments are worth up to $1,400 per person including dependents. Families will now receive the additional money for adult dependents over the age of 17. Any individual who earns at least $80,000 a year of adjusted gross income, heads of households who earn at least $120,000 and married couples who earn at least $160,000 will be completely cut from the third round of stimulus payments. The income thresholds are based on a taxpayer's most recent return. If they've already filed a 2020 return, the IRS will base eligibility on their 2020 adjusted gross income.
For more information, click here.