President Biden recently signed a new relief package which includes a third round of stimulus payments. Eligible Americans will receive the money via direct deposit, check or debit card. Many people have been wondering, how much it’s worth, do they qualify and when will they get paid? So here are the answers to the most asked questions about the third stimulus payment.
How much is the third stimulus worth?
If you qualify, third stimulus payments are much larger: $1,400 for individuals and $2,800 for married couples. You can also receive an additional $1,400 for each qualifying dependent of any age.
Who qualifies for a payment?
To receive the maximum payment your Adjusted Gross Income cannot exceed $75,000 for individuals, $112,500 for head of household and $150,000 for married couples filing jointly. Some people earning above the limit will receive a reduced check, but the phase out amount is much lower than it was with the last two stimulus payments. The limit is capped at $80,000 AGI for single filers, $120,000 AGI for head of household and $160,000 AGI for married couples filing jointly. Anyone earning more than that will not receive a stimulus payment.
Do I have to file a tax return to get it?
No, most people will automatically receive a third stimulus payment. The IRS has numerous ways to determine eligibility. Typically, they just use your 2019 or 2020 tax return, whichever was filed most recently. People who normally don’t file a return, but used the IRS non-filers tool last year or receive federal benefits will also receive a payment.
How and when will my payment be sent?
Approximately 127 million stimulus payments have been issued so far. Taxpayers who provided direct deposit information when they filed their tax return received their money first. If the IRS doesn’t have your bank information on file, you may receive a check or debit card in the mail. You can track the status of your third stimulus using the IRS “Get My Payment” tool. Simply enter your Social Security Number, date of birth, street address and zip code and the tool will tell you when and how to expect your payment.
What if I didn’t get any stimulus check yet or received the wrong amount?
The first two stimulus payments were based off your 2019 or 2018 tax returns. Since then, a lot may have changed. Maybe your family size has grown or you make less money. Either way, if you didn’t receive the full amount you deserve, file your 2020 tax return now to claim the Recovery Rebate Credit. ezTaxReturn is the fastest and easiest way to do your taxes. Start now and e-file in just 30 minutes.