3rd Stimulus Check

Congress has approved a massive coronavirus relief package that includes a third round of direct cash payments to households, referred to as stimulus checks. President Joe Biden is expected to sign it into law on Friday, March 12. If they meet that goal, which at this point certainly appears likely, it will still take the IRS some time before it's able to begin sending out payments.

The Treasury Department was able to initiate direct-deposit stimulus payments days after the last relief bill was signed. Checks and debit cards were mailed in the following weeks.

Who is eligible for $1,400 stimulus payment?

The legislation provides a direct payment of $1,400 for a single taxpayer, or $2,800 for a married couple that files jointly, plus $1,400 per dependent. Individuals earning up to $75,000 would get the full amount, as would married couples with incomes up to $150,000.

The size of the check would shrink for those making slightly more, with a hard cut-off at $80,000 for individuals and $160,000 for married couples.

Most Americans will be getting the full amount. The median household income was $68,703 in 2019, according to the U.S. Census Bureau.

Income is based on your 2020 tax filing, or if you haven’t filed yet, your 2019 taxes. (AGI)

When will I get my stimulus payment?

After Mr. President signs the law, the third stimulus payments could begin to go out in late March or sooner, based on how fast payments were made in earlier rounds of relief, especially the second round.

If the Treasury Department has your bank account information on record, you most likely will receive your payment as a direct deposit. If the department does not have that information, you may receive the payment as either a paper check or a debit card, so be sure to keep an eye on your mail.

The tax agency started delivering second-round stimulus checks less than a week after they were authorized, but that was in December. The IRS has more on its plate now. Tax return filing season began on February 12, so the IRS is busy processing tax returns and according to some sources that might slow down the processing of stimulus checks.

Who Won't Get a Third Stimulus Check?

In addition to people with higher incomes, nonresident aliens and anyone who can be claimed as a dependent on someone else's tax return would not get a third stimulus check under the current bill.

Also, a nonresident alien is not a U.S. citizen, doesn't have a green card, and isn't physically present in the U.S. for the required amount of time. For more information on nonresident alien status, see IRS Publication 519.

What to do if you do not receive your Stimulus Check?

If you are eligible for the Stimulus Check and you do not receive it, feel free to contact us for assistance at info@taxreturn4you.com