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Stimulus Check Update

IRS Stimulus Payments – Round 1 & Round 2, Plus Third Stimulus Checks

The federal government has provided two rounds of stimulus checks for individual Americans so far. Recently, there has been much talk about an anticipated third stimulus check, as the nation prepares for President-elect Biden to take office on January 20th (Inauguration Day).

Here’s what you need to know about the first and second stimulus checks, and what we may expect when it comes to a third round of stimulus payments.

First Stimulus Checks (Round 1)

The Coronavirus Aid, Relief, and Economic Security Act (a.k.a. The CARES Act), which was signed into law last year (March 2020), authorized the first round of stimulus checks. These payments were distributed by the IRS and worth up to $1,200 per individual, with an additional $500 for each qualified dependent child.

You are eligible for the maximum amount of the first stimulus check if your Adjusted Gross Income (AGI) is:

  • $75,000 or less for Single filers
  • $150,000 or less for Married Couples Filing Jointly
  • $112,500 or less for Heads of Household

RELATED: $2 Trillion COVID Stimulus Deal Includes $1,200 Checks for Most Americans

Second Stimulus Check Updates

The COVID-Related Tax Relief Act of 2020, which was signed into law on December 27, 2020, authorized the second round of stimulus checks. These payments are worth up to $600 per individual, plus an additional $600 for each qualified dependent child.

You are eligible for the maximum amount of the second stimulus check if your Adjusted Gross Income (AGI) is:

  • $75,000 or less for Single filers
  • $150,000 or less for Married Couples Filing Jointly
  • $112,500 or less for Heads of Household

RELATED: Second Stimulus Checks: When, How, and How Much?

Third Stimulus Check: Will You Get $1,400?

President-elect Biden recently unveiled a stimulus spending plan that he wants to see become law after he takes office. His proposal would cost $1.9 trillion and includes a third stimulus check for up to $1,400 per eligible American. This would be the highest amount for a stimulus payment so far, although we will need to see how this plan fares in Congress and the Senate first. Biden and other Democrats are pushing for another round of stimulus checks, but it will likely take some time before another bill is passed.

It is probable that the eligibility requirements for the third stimulus check will be similar to the first two checks, which means that there’s a good chance you’ll qualify for the full amount ($1,400) if your AGI is $75,000 or less for a single filer (or $150,000 or less for a married couple filing jointly). No word yet on whether the next round of stimulus payments will include an additional check for each eligible dependent child.

Track My Stimulus Check

If you want to check the status of your stimulus payment, you can go online and use the IRS tool called “Get My Payment.” You will need to provide some personal information (including your Social Security Number, date of birth, and street address) when you use the “Get My Payment” system. After you enter your information, the web tool will display your check status for the first and second stimulus payments.



>> What’s the Status of My Stimulus Check?

Calling the IRS to ask about the status of your stimulus payment is not recommended because the IRS representatives only have access to the same “Get My Payment” database that you do.

RELATED: Missing Stimulus Check? How to Find or Claim Your Payment

Claim Your Full Stimulus Payment With the Recovery Rebate Credit

The Recovery Rebate Credit is designed for people who are missing their stimulus check (a.k.a. Economic Impact Payment) and/or did not receive the full amount they are eligible for. This tax credit can be claimed on your 2020 federal income tax return (Form 1040 or Form 1040-SR).

You may be qualified to claim the Recovery Rebate Credit if either of the following applies to you:

  • You are eligible for a stimulus check but were not issued one, or
  • Your stimulus check was less than the full amount you are eligible for (the first check was worth up to $1,200 per individual and the second check was worth up to $600 per individual)

RELATED: How Do You Qualify for a Stimulus Check?


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