Some Minnesotans May Not Get a Stimulus Check this Time

The third round of stimulus checks has been a topic of conversation for a few weeks, maybe even months.  Are we getting another one?  How much? Do we need another? Is it going to be the same group as the last two?  Do we need to pay taxes on it?  Which year of tax returns is it based on?  These are all valid questions.  And some of them have been answered.  At least answered up to now.  Things could still change again.

Here's the deal so far... 

Get our free mobile app

The group that received the last round of stimulus checks, the individuals making up to $75K and married couples making up to $150K would still get the proposed $1400 checks.  Here's where it changes- Individuals making up to $100K were getting a partial payment as well as married couples making up to $200K.  That would change with this new bill.  There would be a partial payment for individuals making up to $80, and married couples up to $160K, but after that would be a hard cut off point.  How many people does this actually cut off?  It's millions, which sounds like a lot, but it really isn't.  Around 90% of people who got a stimulus payment before would still get one.

But this could still all change.  When you have the house and senate split basically 50/50 there needs to be some compromise. Also, if you made less than you did in 2019, you may want to file your taxes sooner than later.  You may now qualify.  If you made more than you did in 2019, you may want to wait a bit to file to increase your chances of getting a third round of stimulus checks.

Some people think that a third round is a bad idea.  And that a lot of people are just saving the money and not putting it back into the economy.  They aren't using the money for necessities.  That's where the push back comes from.  IF another stimulus payment is going out, should it go to the most needy?  This is all still a discussion.  The final assessment is expected to be made within the next few days.