A third round of stimulus checks is on the way for millions.
The American Rescue Plan, a new COVID relief bill, was signed into law on March 11, 2021. The bill includes a third round of stimulus payments for millions of Americans. We know these funds are important to you, and we are here to help.
If you are eligible, you could get up to $1,400 in stimulus checks for each taxpayer in your family plus an additional $1,400 per dependent. This means a family with two children could receive $5,600.
The IRS began issuing the first batch of stimulus payments, and they started to arrive as early March as 13-14. Further batches of payments were set to arrive during the following weeks. If you’re eligible, check the status of your stimulus payment and the way it’ll be sent to you by going to the IRS Get My Payment Tool, which went live on March 15th.
Please note that according to the IRS you may receive your stimulus payment in a different format than you received your previous stimulus payments.
IRS Update (March 22, 2021): Today the IRS announced that the next batch of stimulus payments will be issued this week. For those receiving direct deposits, the batch of payments began processing on Friday and will have a pay date of March 24. While many payments are being sent via direct deposit, many of the latest payments were also mailed. The IRS and Treasury urge eligible people who have not received a direct deposit to watch their mail carefully to look out for a check or prepaid card.
To find out if you are eligible and how much you can expect, visit our stimulus calculator.
Who Would be Eligible for the Third Stimulus Check?
Families earning less than $150,000 a year and individuals earning less than $75,000 a year should get the full $1,400 per person. Families earning up to $160,000 per year and individuals earning up to $80,000 per year will receive prorated stimulus checks for less than $1,400 max.
Unlike the previous two rounds, you will receive stimulus payments for all your dependents, including adult dependents and college students.
You also don’t need a permanent address, a bank account, or even a job to get these payments. Individuals may qualify for this money if they have a Social Security number and are not being supported by someone else who can claim them as a dependent.
How Much is the Third Stimulus Check?
If you are eligible, you could get up to $1,400 in stimulus payments for each taxpayer in your family plus an additional $1,400 per dependent. That means that a family of four with two children could receive up to $5,600.
Remember, just because you are eligible, does not mean you are eligible for the full $1,400.
To find out if you are eligible and how much you can expect, visit our stimulus calculator.
How Will I Get My Third Stimulus Check?
You don’t need to do anything to get your stimulus check. The IRS will determine eligibility based on your last tax return, either 2019 or 2020, and will likely send your payment to the bank account where your tax refund was deposited.
As part of the income tax filing, the IRS receives accurate banking information for all TurboTax filers who received a tax refund, which the IRS is able to use to quickly and effectively deposit stimulus payments.
The IRS will also be sending some payments via mail as either a paper check or an EIP Card. If you have not received a direct deposit yet, you should watch the mail carefully for either a paper check or prepaid card.
Please note that according to the IRS you may receive your stimulus payment in a different format than you received your previous stimulus payments.
When will I get my stimulus check?
The IRS has begun distributing stimulus payments. The first batch of stimulus payments arrived as early as March 13-14. Further batches of payments will arrive during the following weeks.
According to the IRS the second batch of stimulus payments was will be issued the week of March 22, with additional payments anticipated on a weekly basis going forward.
For information on when you can expect your stimulus payment, check the IRS Get My Payment tool, which went live starting March 15th.
For Social Security and other federal beneficiaries who didn’t file a 2020 or 2019 tax return and did not use the Non-Fliers tool last year, a large set of payments began processing the weekend of April 2nd, with the majority of payments sent electronically and received on April 7th. It is possible that some federal benefits recipients may need to file a 2020 tax return even if they don’t usually, to provide information so the IRS can send payments for any qualified dependent.
Stimulus payments were issued to non-filer veterans and beneficiaries who receive Compensation and Pension (C&P) benefit payments on April 14, 2021
Some people who don’t normally file and don’t receive federal benefits may qualify for Economic Impact Payments. Those who are eligible but didn’t get a first or second stimulus check or got less than the full amounts, may be eligible for the 2020 Recovery Rebate Credit, but will need to file a 2020 tax return. You are also encouraged to file a 2020 tax return even if you don’t usually file so the IRS will have the information they need to issue your third stimulus payment. You are also encouraged to file since you may be eligible for the Earned Income Tax Credit if you earned an income from working even if your income is lower than the IRS income filing requirement($12,400 single, $24,800 married filing jointly). In addition, under the American Rescue Plan the IRS will begin issuing advanced payments of the 2021 Child Tax Credit on July 15, 2021, but you need to file your taxes so they have the latest information on file.
Do I need to do anything to get my stimulus check?
You don’t need to do anything to get your stimulus check. The IRS will determine eligibility based on your last tax return (either 2019 or 2020) and will likely send your payment to the bank account where your tax refund was deposited.
Can I change or update my bank information?
Right now, there is no way to change your information for your stimulus check. The payment will be based on the information from your latest tax return and will go to the bank account or address the IRS has on file for you.
Will the stimulus affect my taxes for this year? Or next year?
None of the three stimulus checks (or Recovery Rebate Credits) are considered income, and therefore aren’t taxable. They won’t reduce your refund or increase what you owe when you file your taxes this year, or next. They also won’t affect your eligibility for any federal government assistance or benefits.
What will a stimulus payment look like when it comes in the mail?
Paper checks will arrive by mail in a white envelope from the U.S. Department of the Treasury. For those taxpayers who received their tax refund by mail, this paper check will look similar, but will be labeled as an “Economic Impact Payment” in the memo field.
The EIP Card will also come in a white envelope prominently displaying the seal of the U.S. Department of the Treasury. The card has the Visa name on the front and the issuing bank, MetaBank, N.A. on the back. Information included with the card will explain that this is an Economic Impact Payment. The card will come with instructions on how to securely activate and use the card. It is important to note that none of the EIP cards issued for any of the three rounds is reloadable; recipients will receive a separate card and will not be able to reload funds onto an existing card.
If I am experiencing homelessness or do not have a permanent address, how can I get a stimulus check?
The IRS is working to help those without a permanent address get stimulus checks and tax credits. The IRS can’t issue a payment to eligible Americans when information about them is not available in the IRS system.
If eligible, you don’t need a permanent address, a bank account, or even a job to get a stimulus payment or check . Individuals may qualify for this money if they have a Social Security number and are not being supported by someone else who can claim them as a dependent.
Eligible people who haven’t received these payments should file a 2020 tax return, even if they don’t usually file. Filing a 2020 tax return will give the IRS information needed to send a payment. Those experiencing homelessness may list the address of a friend, relative or trusted service provider, such as a shelter, drop-in day center or transitional housing program, on their tax return.
You may also be eligible for the Earned Income Tax Credit if you earned an income from working even if your income is lower than the IRS income filing requirement($12,400 single, $24,800 married filing jointly). In addition, under the American Rescue Plan the IRS will begin issuing advanced payments of the 2021 Child Tax Credit on July 15, 2021, but you need to file your taxes so they have the latest information on file.Those who missed either of the first two stimulus payments can still get this money by filing a 2020 tax return and claiming the recovery rebate credit. If you missed the third stimulus payment and were otherwise eligible, you can claim the recovery rebate credit on your tax year 2021 return to recover that money.