By Morgan Culp
President Biden’s $1.9 trillion COVID-19 relief stimulus package was approved by Congress on Wednesday, March 10, according to The Washington Post. As a result, qualifying Americans will receive up to $1,400 through the first stimulus check that adult dependents are able to claim.
Although many people are excited about receiving their stimulus checks, there are still many questions about when they will come in, why haven’t certain people gotten them, and who should plan to receive one.
“I wish I knew more about these new stimulus checks and I would if the people who were giving them out knew what they were doing,” said Barbara Kight, lead accountant at her firm. “Many of my clients have been calling to ask when they will receive their checks, but this round of stimulus checks is not organized in a way that I can predict a day for them like we do with tax returns.”
According to CNBC, the checks will be a maximum of $1,400 per individual, or $2,800 per married couple, plus $1,400 per dependent. Like past direct payments, this third round will be based on income. The income limits for those to receive the maximum amount will remain the same as previous stimulus checks. Individuals who earn up to $75,000 in adjusted gross income, heads of household with up to $112,500, and married couples who file jointly with up to $150,000 will get the full $1,400 per person.
Adult dependents may be excited to hear this news, but the issue is that their stimulus check will be made out to whoever claims them, not the adult dependent themselves.
“I am so glad I filed as independent for the first time this year, because I know my parents wouldn’t send me the check if it was made out to them,” said University of Tampa senior accounting major, Alison Boulerice. “I have a lot of friends in the same boat that are claimed as dependents but could really use that money for themselves.”
According to an Instagram survey, the number of UT students who are claimed as a dependent are about equal to the number of students who claim themselves as independent.
Some students who are independent, or dependents whose parents are giving them their stimulus checks plan to put the money in savings or use it to pay off debt and student loans. Not all students planned on saving this money, for some, they treated it like a gift.
“I asked my mom not to claim me on her taxes this year so I would get this stimulus check along with the two from last year,” Beau Babics, senior film and media arts major said. “I used the money to buy a Onewheel XR+ and high-quality lavalier microphones which are all tools to help further my film career.”
According to CNBC, President Biden assured Americans that they would get the $1,400 because “that is what the American people were promised.” The stimulus checks are meant to boost the economy in the wake of the COVID-19 pandemic and help with some of the unemployment and monetary issues many Americans have faced in these difficult times.
“Most of the people I have talked to that have already received their stimulus checks are using the money to pay off their student loans or taxes for the year,” said Kight.
For those who are eager to receive this third check, the good news is that most people will not have to do anything. That’s because the IRS already has the information on file from the first and second rounds, but there are no definite dates as to when these checks will be made available to everyone who is supposed to get them. Many have already seen and spent these checks that appeared in their bank accounts while others wait and wonder if and when they will receive theirs.