Stimulus checks compared: It’s more than just $1,400, $600 and $1,200 payments

Stimulus checks compared: It’s more than just $1,400, $600 and $1,200 payments

Congress is well on its way to approving the third stimulus check. We know its dollar amount is likely to be different from the first and second checks — it’ll be a $1,400 payment this time — but there is a lot more that could be different too, such as who qualifies for the check and how the IRS will determine the payment amount.

The proposed $1,400 payment is part of a $1.9 trillion stimulus package House and Senate Democrats are rushing to pass by the middle of March. In addition to distributing $1,400 payments to individuals and dependents, the sweeping rescue bill is set to renew unemployed worker benefits through August, add funding for COVID-19 vaccine distribution and possibly boost the federal minimum wage rate to $15 an hour.

The particulars of the first two payments are well known. The third check, not quite so much. From reading through the current version of the House bill, however, we have a good idea of what the final details of the third check could look like. Here’s how the three checks are similar and different.

The three stimulus checks are not the same

Congress has tweaked the amount and other details of stimulus checks with each round it approves. While we know many of the proposed details of the third stimulus check, there is one wild card. The IRS is in the middle of tax-filing season, so it’s unclear if the agency may not be able to turn around these third payments in a few days, as it did the second stimulus payments, or if there could be a delay.

For more information, here’s what you need to know about stimulus checks today, including how to claim any missing stimulus money on your 2020 tax return and how to track your tax refund online.