Stimulus Check FAQsPublished:
Everything You Need to Know About COVID Stimulus Payments
The $1.9 trillion American Rescue Plan was signed by President Biden on March 11, 2021. This is the third major federal stimulus package that is focused on COVID-19 relief. It contains a number of provisions, including $1,400 stimulus checks for millions of Americans.
This page provides important details about Coronavirus stimulus checks, with updated information about the third round of stimulus payments. Here are the answers to the most frequently asked questions about stimulus checks.
Is There a 3rd Stimulus Check?
Yes. The third round of stimulus checks was recently authorized by the American Rescue Plan, which was signed into law on March 11th. It is estimated that approximately “85% of American households” will receive stimulus checks this time (in a statement by President Biden).
Who Qualifies for a Stimulus Check?
Eligibility rules are based on your annual income – more specifically, your Adjusted Gross Income (AGI). This figure is typically reported on your 1040 tax return each year. The IRS looks at the AGI from your most recent tax return (from tax year 2019 or 2020) to determine if you qualify for a stimulus check.
To be eligible, a single individual must have annual income of $75,000 or less – for a married couple that files their taxes jointly, their combined income must be $150,000 or less. You are not eligible for a third stimulus check if your income is $80,000 or more (for a single filer) – or $160,000 or more for a married couple filing jointly.
How Much Is My Stimulus Check?
An individual who’s eligible for the full amount of the third stimulus check will get $1,400 (for a
married couple filing jointly that amount is $2,800). If your household has any qualified
dependents, you will get an additional $1,400 for each dependent.
There is a phase-out rate for individuals who earn more than $75,000 and married couples who earn more than $150,000. A single filer is subject to a 28% phase-out rate, which means their $1,400 stimulus check will be reduced by $280 for every $1,000 they earn that’s over the $75,000 threshold. A married couple with no dependent children is also subject to a 28% phase-out rate, while a married couple with one dependent child is subject to a 42% phase-out rate.
When Will I Get My Stimulus Check?
According to the White House and the Treasury Department, the third round of stimulus checks will be sent out as soon as Saturday, March 13th. This applies to Direct Deposit payments for people who already have their bank account information on file with the IRS. If you do not have Direct Deposit set up with the IRS, you should expect to receive a paper check or prepaid debit card in the mail.
If you want to know when your stimulus money will arrive, the IRS provides an online tool called “Get My Payment” that people can use to track down the status of their stimulus check.
The “Get My Payment” tool is updated every 24 hours. The IRS encourages people to utilize this online tool instead of trying to call the IRS because their call agents do not have any information other than what appears to you in the “Get My Payment” system.
How Do I Get a Stimulus Check?
Many people will get a stimulus check automatically because the IRS has their income information on file. If your income level qualifies you for a stimulus check, you will either receive your money by Direct Deposit, paper check, or prepaid debit card. You will need to have Direct Deposit set up with the IRS so the agency can send the payment directly to your bank account. Otherwise, the IRS will issue you a paper check or prepaid debit card and send it to your mailing address. Note that it will take longer for you to receive your stimulus check if you don’t have Direct Deposit.
How Many Stimulus Checks Are There?
There are now 3 stimulus checks that have been authorized by the federal government. The first round of $1,200 stimulus checks was authorized by the Coronavirus Aid, Relief, and Economic Security Act (a.k.a. CARES Act) in March 2020. The second round of $600 stimulus checks was created by the COVID-Related Tax Relief Act in December 2020. The third round of $1,400 stimulus checks was recently authorized by the American Rescue Plan.
Will There Be Another Round of Stimulus Checks?
It’s probably too soon to say if there will be a fourth round of stimulus checks. It will depend on the state of the country’s economy and whether or not the Coronavirus is still a threat to public health. Stay tuned for continuous updates on the COVID-19 situation and stimulus checks.
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