The legislation gives reduced checks to people earning above those income limits, before phasing out completely at an AGI of: Head-of-household filers, who are most often single parents, with AGIs of $112,500 or less will get the full $1,400, plus $1,400 per qualifying dependent. This is a break from the past two relief bills, which did not include payments for dependents age 17 and over but did include smaller amounts for children. There's also an additional $1,400 added to the check for each qualifying dependent of any age. Married joint filers will receive double that - $2,800 - if their AGI is $150,000 or less. The amount is based on the adjusted gross income on your 2019 tax return, unless your 2020 return has already been processed.Īmericans with AGIs of $75,000 or less will get the full $1,400 payment. Who qualifies for the third stimulus check?ĭirect cash payments are part of a $1.9 trillion economic package called the American Rescue Plan that President Biden signed on March 11.Īnyone with a Social Security number who meets the income requirements is eligible for a payment. Other names for stimulus checks include Economic Impact Payments and the Recovery Rebate Credit. The money can be used however you want and does not need to be repaid to the government - even if you get too much. You can track your payment using the IRS's " Get My Payment" tool.Ī stimulus check is a non-taxable cash payment sent to qualifying Americans by direct deposit, check, or debit card. April 1 to 15: Checks and debit cards arrive electronic payments arrive for federal benefits recipients.March 15 to 31: Direct deposits continue checks are mailed.March 12 to 15: The first wave of direct deposits hits bank accounts.Here's the expected timeline for delivery of stimulus checks, based on updates from the IRS and previous rounds of payments: A batch of payments issued March 24 included about 15 million paper checks and 5 million prepaid debit cards, which take longer to arrive than bank deposits. Using the total amount of the third payment from your online account or Letter 6475 when preparing a tax return can reduce errors and avoid delays in processing while the IRS corrects the tax return.By April 1, more than 130 million payments had gone out, the IRS said, mostly by direct deposit. All amounts must be considered if filing jointly. For married filing joint individuals, each spouse will need to log into their own online account or review their own letter for their half of the total payment. You will need this information from your online account or your letter to accurately calculate your 2021 Recovery Rebate Credit when you file your 2021 federal tax return in 2022. Through March 2022, we'll also send Letter 6475 to the address we have on file for you confirming the total amount of your third Economic Impact Payment and any plus-up payments you received for tax year 2021. Individuals can view the total amount of their third Economic Impact Payments through their individual Online Account. You may be eligible to claim a 2021 Recovery Rebate Credit on your 2021 federal tax return. Didn't Get the Full Third Payment? Claim the 2021 Recovery Rebate Credit
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