Some people could receive third round of stimulus payments this weekend

Posted at 5:53 AM, Mar 12, 2021
and last updated 2021-03-12 07:53:59-05

SALT LAKE CITY — President Joe iden has signed a $1.9 trillion coronavirus relief bill, and some Utahns could receive their stimulus payments as early as this weekend.

The massive bill includes a direct payment of up to $1,400 for an individual, or $2,800 for a couple that files jointly, plus an additional $1,400 per dependent.

This round of stimulus is limited to individuals earning up to $80,000 or couples making up to $160,000.

The relief package includes a huge financial boost for families with children. Parents will receive as much as $3,600 per child per year. Specifically, it's $3,600 for children aged 6 and under, $3,000 for children aged between 7 and 18. Unlike previous tax credits, the credits would be distributed in monthly checks. Similar to a stimulus check, the money can be spent on anything.

Garrett Watson, Senior Policy Analyst at the Tax Foundation, said some people who earn more than the $80,000 income threshold could still be eligible to receive stimulus payments. One way for people in that situation to become eligible is to contribute more funds to an IRA or 401K account, thereby dropping their adjusted income.

"[This] may incentivize some folks to think about ways to adjust their income in 2021, because you are going to have an opportunity to claim a credit on your next tax return if you receive a partial payment because you have too much income," Watson said.