American Rescue Plan signed by President Biden | What Americans need to know about the third stimulus check and taxes

GREENSBORO, N.C. — President Joe Biden signed the $1.9 billion American Rescue Plan into law earlier than expected on Thursday. 

The plan includes $1,400 stimulus checks to Americans making less than $75,000 per year. White House Press Secretary Jen Psaki said people could start seeing deposits to their bank accounts as early as this weekend. 

The package includes $140 billion in temporary tax credits, including a child tax credit that would pay parents at least $250 monthly for each child starting in July. 

With the passage of the bill, there are many questions people still have about when they’ll get this check, how it could impact their taxes and what they should do if they still haven’t received the second check. 

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We brought in three experts to help answer as many of those questions as possible. 

What if I am still waiting on my other stimulus check? 

The IRS finished sending out checks back in February. If you did not receive a check, you’ll have to claim it on your 2020 tax return. When you’re filing, whether that’s on your own through a free service or having someone else assist, there will be a question asking if you received the stimulus payment. You’ll answer “yes” or “no” and go from there. This will be line 30 when filing and it’s called “Recovery Rebate Credit” on the standard tax return form. 

RELATED: When will the monthly child tax credit payments in the COVID-19 relief bill start?

Tax season started late, does that mean tax day is pushed back as well? 

No, tax day is still April 15. The IRS started processing returns on February 12. 

Is everyone getting a stimulus check? 

That depends on your income. Individuals earning up to $75,000 get the stimulus check and the cutoff is $80,000. That means anyone earning more than that will not receive a check. For those earning between $74,000 and $80,000, the stimulus check amount will vary based on your income. Couples who file jointly and earn $150,000 will also get a check. 

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