New $1400 stimulus check on the way

A new $1,400 stimulus check will be sent to millions of Americans, but there’s a big catch (msn.com)

 

Fourth stimulus check update

Here’s what’s going on. Remember the $1.9 trillion stimulus law from March, which kick-started a third wave of stimulus checks for $1,400? It actually also primped the pump for some people to get a fourth payment. But only if a very specific condition is met.

That condition is this: Parents who give birth to a new child at any point in 2021 can also get another $1,400 as a result.

Here are some other important details to know about this payment. It should come as no surprise that there’s an income threshold. Single filers can’t make more than $75,000 a year in adjusted gross income. For couples, their income has to be less than $150,000 to get the full payment. The $1,400 will be reduced for incomes above those levels. And it phases out completely for single filers who make more than $80,000, as well as couples who make more than $160,000.

Also, keep in mind, the $1,400 isn’t the only money these new parents will get, either. Don’t forget about the ongoing child tax credit payments.