There have been 3 rounds of stimulus checks so far, which were authorized by federal legislation over the past year. Here\u2019s what you need to know about stimulus checks.<\/p>\n
The federal government has passed 3 major stimulus packages as a response to the COVID-19 pandemic. Each of these bills includes a provision for direct payments to individuals, called Economic Impact Payments (EIPs) and more commonly known as stimulus checks. Each round of stimulus checks has been slightly different, so it\u2019s important to understand the distinctions between them.<\/p>\n
The Coronavirus Aid, Relief, and Economic Security Act (a.k.a. CARES Act)<\/a> was signed into law by President Trump on March 27, 2020. This historic stimulus package allocates funds for a number of programs, including $1,200 stimulus checks for many Americans (plus $500 for each qualified dependent child), among other legislative changes.<\/p>\n On December 27, 2020, President Trump signed a second major COVID-19 stimulus bill<\/a> into law. This time, the stimulus checks for individuals will be $600 per eligible American, plus $600 for each qualified dependent child.<\/p>\n The American Rescue Plan (ARP) Act of 2021<\/a> was signed into law by President Biden on March 11, 2021. This bill creates a third round of stimulus checks, this time for $1,400 per individual, plus an additional $1,400 for each dependent.<\/p>\n The IRS has developed an online tool that allows people to check the status of their COVID-19 stimulus payment and see when it will arrive. The IRS will be updating this platform once a day.<\/p>\n To find out when your payment will be sent to you, and whether it will be via Direct Deposit or a mailed paper check, log in to the \u201cGet My Payment\u201d application of the IRS \u201cEconomic Stimulus Payment\u201d portal.<\/p>\n >>\u00a0<\/strong>Economic Stimulus Payments: Get My Payment<\/strong><\/a><\/p>\n NOTE:<\/u> The \u201cGet My Payment\u201d tool may be temporarily offline as the IRS makes updates to its portal based on new legislation related to Coronavirus stimulus checks.<\/em><\/strong><\/p>\n Please continue to monitor this page as the \u201cGet My Payment\u201d tool is updated and becomes available again.<\/strong><\/p>\n Most people will receive their stimulus check by Direct Deposit \u2013 in other words, the IRS will deposit the money directly into your bank account. If you do not have your bank information on file with the IRS, then you will get a paper check or prepaid debit card in the mail. If you want to provide your bank information to the IRS for Direct Deposit and your stimulus check hasn\u2019t been mailed yet, you can do that in the \u201cGet My Payment\u201d portal as well. Additionally, the \u201cGet My Payment\u201d portal can be used to update your mailing address if needed.<\/p>\n From the original CARES Act, the maximum payment for an individual is $1,200 (or $2,400 for a married couple filing jointly). Most people will get the full amount, however, some will get less. The amount of your stimulus check is based on the most recent federal tax return you filed with the IRS (for tax year 2018 or 2019). Additionally, households can receive an extra $500 for each qualified dependent child.<\/p>\n The second stimulus package includes Economic Impact Payments (EIPs) for most Americans as well, however, the amount is $600 for the second round of checks. For more information about this legislation, please see\u00a0$600 Stimulus Checks for 2nd Round of Payments<\/a>.<\/p>\n Note that if you typically don\u2019t file a tax return, you will need to file a \u201csimple tax return\u201d if you want to receive a stimulus payment. Those who don\u2019t file taxes can enter their information using the IRS\u00a0\u201cEconomic Impact Payments\u201d online tool for non-filers<\/a>.<\/p>\n RELATED:\u00a0How Do You Qualify for a Stimulus Check?<\/a><\/p>\n The most recent stimulus deal, the American Rescue Plan, creates a third round of stimulus checks. This time, eligible individuals can receive up to $1,400 each (or up to $2,800 for a married couple filing jointly). Furthermore, households with dependents can receive an additional $1,400 for each dependent.<\/p>\n RELATED: $1,400 Stimulus Checks \u2013 Third Round of Direct Payments Are on the Way<\/a><\/p>\n Your stimulus payment amount will be based on information from the most recent tax return you filed with the IRS. (Note that you will qualify for a stimulus payment if you don\u2019t earn enough to file but you receive Social Security payments.)<\/p>\n Your eligibility depends on your income level. You will receive a third stimulus check if your income is:<\/p>\n NOTE:<\/u> If you are\u00a0claimed as a dependent\u00a0on someone else\u2019s tax return, you will not be eligible for a stimulus check. For more information, please visit the IRS\u00a0Coronavirus Tax Relief and Economic Impact Payments<\/a>\u00a0center.<\/p>\n Millions of Americans will get their stimulus payments deposited into their bank accounts. However, the IRS has been experiencing some system glitches since the rollout of the \u201ccheck stimulus status\u201d tool due to the quick launch and high volume of users. Please be patient and check back again if you find you cannot access your stimulus payment status.<\/p>\n You can check the status of your stimulus money online using the \u201cGet My Payment\u201d tool provided by the IRS. Here\u2019s what to do:<\/p>\nThe COVID-Related Tax Relief Act (2020)<\/h3>\n
The American Rescue Plan Act (2021)<\/h3>\n
Check the Status of Your Stimulus Payment<\/h3>\n
$1,200 Stimulus Checks: The First Round of Payments<\/h3>\n
$600 Stimulus Checks: The Second Round of Payments<\/h3>\n
$1,400 Stimulus Checks: The Third Round of Payments<\/h3>\n
Who Is Eligible for a $1,400 Stimulus Check?<\/h3>\n
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How to Track the Status of Your COVID-19 Stimulus Check<\/h3>\n