How Much Are We Getting For The Third Stimulus Check

New Checks Still Going Out Weekly

The IRS says it’s continuing to send out stimulus checks “on a weekly basis.” Most recently, the tax agency made another 2.3 million direct payments, worth around $4.2 billion, within a two-week period.

More than 1.1 million of those fresh stimulus checks were what the IRS calls “plus-up” payments: bonus money for people who previously got third-round stimulus checks, but not the full $1,400.

If you received only a partial payment, it may have been based on your 2019 tax return. If the IRS now has your 2020 return and it shows you made less last year than you did in 2019, you might qualify for a plus-up.

So far, more than 8 million of those supplemental payments have gone out this year, the IRS says.

How Much Are The Payments Worth

The third economic impact payment is worth up to $1,400 per individual and dependent.

Single filers earning an adjusted gross income up to $75,000 and heads of household earning up to $112,500 will receive $1,400, and married couples earning up to $150,000 are eligible for $2,800. Those taxpayers will also receive $1,400 for each dependent.

After that, there is a steep income phase out: The payments decrease to zero for single filers at $80,000, for heads of household at $120,000 and for married couples at $160,000 AGI. Taxpayers will receive the same amount for each dependent.

The phase out rate is not uniform for the third round of direct payments, according to the Tax Foundation. It will depend on a taxpayer’s filing status and the number of dependents.

Single filers, for example, will experience a 28% phase out rate, meaning that they will receive $280 less for every $1,000 over $75,000 they earn, says Garrett Watson, a senior policy analyst at the Tax Foundation. An individual with an AGI of $77,000 would receive $840.

At the same time, while a married couple with no dependents would also see a 28% phase out rate, a couple with one dependent would see a 42% phase out rate. A couple with one dependent and an AGI of $155,000 would receive $2,100 total.

To see how much relief you may receive, use this calculator.

When Will I Get My Stimulus Check

The IRS has begun distributing stimulus payments. The first batch of stimulus payments could arrive as early as this weekend , with more arriving over the coming week. Further batches of payments will arrive during the following weeks.

For information on when you can expect your stimulus payment, check the IRS Get My Payment tool, which will be live starting March 15th.

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Are Adult Dependents Getting Third Stimulus Checks

The new stimulus plan expands eligibility to adult dependents, including college students, elderly relatives and disabled adults.

The text of the plan redefines the term dependent according to section 152 of the tax code, which includes both qualifying children and adults: Section 152 provides that the term dependent means a qualifying child ) or a qualifying relative ).

While the plan pays out $1,400 for each qualifying dependent, families should keep in mind that the targeted lower income ranges exclude them if they earn over $160,000.

For reference, the second stimulus checks provided additional $600 payments for qualifying dependents under the age of 17. So a couple filing jointly with three eligible children could get a maximum second payment of $3,000 .

Under the first and second rounds of stimulus checks, children and adult dependents over the age limit could not get an additional payment, and they did not qualify for a stimulus check of their own either.

With the new stimulus plan, however, both joint filers and heads of household get an additional $1,400 payment for each dependent, regardless of age. The table below breaks down the third stimulus checks for heads of household with one dependent:

How Should I Spend My Stimulus Check

Millions of people all over the world were affected by this health crisis. It came out of seemingly nowhere and lasted far longer than anyone could have expected. Though things are slowly getting better, we are not completely out of the woods yet.

The economic relief payments received so far have been a help to some struggling families and a bonus to others who managed to get by easier. So what should you do with the stimulus check?

There are various smart things to do with the stimulus checks. Use them to:

• Help buy necessities: It may be smart to also start buying these essentials in bulk. Just be considerate and dont hoard.
• Build an emergency fund: Use the checks to build, rebuild, or increase your emergency fund. As weve seen, you never know what can happen and its best to be prepared.
• Pay off debt: Lower your monthly bills and free up available cash by paying off debt. Using either the snowball or avalanche method is effective.
• Support local businesses: Many businesses have shut down or been on the verge of it due to the public health crisis. If you have the money to spare, it would be generous to support them by shopping locally.
• Invest: Use the money to invest in yourself whether its starting your own business venture or saving towards retirement.
• Donate: Another great option is to donate part or all of your stimulus money to local charitable organizations and food banks.

How many stimulus checks were issued in 2020?How many stimulus checks were in 2021?

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Still Living Paycheck To Paycheck

Some top economists have called for more direct aid to Americans. More than 150 economists, including former Obama administration economist Jason Furman, signed a letter last year that argued for “recurring direct stimulus payments, lasting until the economy recovers.”

Although the economy is improving, millions of people continue to suffer from reduced income and have not been able to tap government aid programs, Nasif said. Only 4 in 10 jobless workers actually received unemployment aid, according to a from economist Eliza Forsythe.

Many people never applied for unemployment benefits because they didn’t think they were eligible, while others may have given up due to long waits and other issues.

“You’ll see reports about how the economy is starting to grow, but there are a lot of Americans living paycheck to paycheck, and for a lot of them the government relief programs haven’t been able to help,” said Greg Nasif, political director of Humanity Forward.

How Much Was Each Stimulus Check

Each stimulus check ranged from $600 to $1,400 per adult and $500 to $1,400 per child.

Stimulus check eligibility: In order to receive the full amount of the payments, your adjusted gross income cannot be more than:

• $150,000 for a joint return,
• $112,500 for head of household
• $75,000 for single and other eligible individuals

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Is There A Deadline To Get My Third Stimulus Check

If you will be filing a full tax return, you have until the IRS closes their tax filing software on November 20, 2021. After this date, you can still claim the third stimulus check in 2022 by filing your taxes for Tax Year 2021.

If youre not required to file taxes, the deadline to use GetCTC.org is November 15, 2021. You can get the Recovery Rebate Credit using GetCTC.org, a simplified tax filing portal for non-filers. GetCTC is an IRS-approved service created by Code for America in partnership with the White House and U.S. Department of Treasury. You can use the portal even if youre not signing up for the Child Tax Credit advance payments.

What If Both My Spouse And I Have Itins And Our Children Have Ssns Can Our Family Get The Third Stimulus Check For Our Children

Yes. For the third stimulus check, any household member that has an SSN qualifies for a payment.

This is different than the first and second stimulus check, where at least one tax filer must have an SSN for the household to claim the stimulus checks. That adult with the SSN and any qualifying children with SSNs will get the stimulus checks.

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How To File For A Stimulus Check

You don’t have to file a tax return to get a stimulus check, but the payment might not be for the correct amount if you dont. If you haven’t filed a tax return, the IRS will use other information it or other federal agencies may have on file to figure out what to send you.

The IRS will automatically send payments to people who didn’t file a return but receive Social Security retirement, survivor or disability benefits , Railroad Retirement benefits, Supplemental Security Income or Veterans Affairs benefits.

As Inflation Rises Rapidly The Senior Citizens League Is Calling On Congress To Send Those On Social Security A Fourth Stimulus Check Worth $1400

More than 169 million payments have been sent out in the third round of stimulus checks, but groups are continuing to push for a fourth as inflation continues to bite, as well as the dominance of a new covid-19 variant, Omicron, that is scaring markets and creating a burgeoning new wave of illness.

In New York, new covid-19 cases rose 60% in the week that ended on Sunday as the Omicron variant spreads rapidly around the US northeast. New York has set records for the most new cases reported in a single day since the pandemic started for three consecutive days. This has given a boost to the prospect of further stimulus checks as the risk of great economic trouble lies ahead.

One such is, the Senior Citizens League , a non-partisan advocacy group, started a pressure campaign to push Congress to send those receiving Social Security additional stimulus money. In a letter to leaders of Congress, TSCL Chairman Rick Delaney called for a one-off $1,400 Social Security stimulus payment for seniors. Such a measure could help defray the costs associated for some seniors from the 2022 cost-of-living adjustment, which was the highest in 40 years, pushing them into a higher tax bracket.

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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.

What If I Don’t Receive A Third Stimulus Check

Those who don’t file tax returns, including those who earn little income and recent college graduates, may have to wait until they file a tax return in April 2022 to get their stimulus rebate if they didn’t file a tax return for 2020 taxes or submit “non-filer” information to the IRS last year. Married couples with incomes below $24,400 and individuals with incomes under $12,200 fall into this category.

The IRS is still updating its Get My Payment tool with new payment information. Once it’s loaded with up-to-date information, individuals can check when their stimulus payment went out. If you have any issue with getting your second or third payment, see our article on what to do if you haven’t received your stimulus check.

Filing a tax return for 2020. If you don’t receive government benefits, and you didn’t file a tax return for 2019 or 2020 taxes or submit “non-filer” information to the IRS by November 21, 2020, you may not automatically get a third stimulus check. You might need to wait to file a tax return for the 2021 tax year and request a “Recovery Rebate Credit.” You will fill in the amount you are owed on line 30 of IRS Form 1040 .

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How Soon Will The Checks Arrive

The bill gives the IRS and Treasury Department until Dec. 31, 2021, to distribute the third round of stimulus checks, but the odds of you waiting that long are low.

Thats mostly because both agencies now have the experience of sending two Economic Impact Payments, during which theyve evidently worked out many kinks and delays. The first time around, the IRS and Treasury took months to deliver those checks, a process that concluded within two weeks the second time around .

The Biden administration previously pledged to send checks out to millions of Americans before the end of March. Hoping to expedite the process, Bidens aides also said that the president isnt planning on attaching his name or signature instead, theyll be signed by an official at the Bureau of Engraving and Printing.

We are doing everything in our power to expedite the payments and not delay them, which is why the presidents name will not appear on the memo line of this round of stimulus checks, according to White House Press Secretary Jen Psaki during a March 9 briefing.

Checks will be submitted either through direct deposit or distributed by mail via a check or debit card. Electronic debits will be much quicker, while mailed money will take much longer to hit your wallet.

How Does The Calculator Work

To check how much you’re eligible for, all you need to do is fill out a couple of fields:

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Third Payments Differed From Previous Economic Impact Payments

The third payments differed from the earlier payments in several respects:

• Income phaseout amounts changed. Payments were reduced for individuals with adjusted gross income of more than $75,000 . The reduced payments end at $80,000 for individuals and $160,000 for married filing jointly. People above these levels did not receive any payment.
• Payment amounts are different. Most families received $1,400 per person, including all dependents claimed on their tax return. Typically, this means a single person with no dependents received $1,400, while married filers with two dependents received $5,600.
• Qualifying dependents expanded. Unlike the first two payments, the third payment was not restricted to children under 17. Eligible individuals received a payment based on all of their qualifying dependents claimed on their return, including older relatives like college students, adults with disabilities, parents and grandparents.

People Who Don’t File A Tax Return

Question: What if I don’t file a 2019 or 2020 tax return?

Answer: Some people don’t file a tax return because their income doesn’t reach the filing requirement threshold. If that’s the case, the IRS will send a third stimulus check based on whatever information, if any, is available to it. That information potentially could come from the Social Security Administration, Railroad Retirement Board, or Veterans Administration if you’re currently receiving benefits from one of those federal agencies. If that’s the case, you’ll generally receive your third stimulus payment the same way that you get your regular benefits. If you supplied the IRS information last year through its online Non-Filers tool or by submitting a special simplified tax return, the tax agency can use that information, too.

Some people who receive a third stimulus check based on information from the SSA, RRB, or VA may still want to file a 2020 tax return even if they aren’t required to file to get an additional payment for a spouse or dependent.

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Who Qualifies For The Third Stimulus Check

Millions of Americans who were eligible for the $600 second stimulus checks could qualify for the third round of stimulus payments up to $1,400. However, many high-earning taxpayers who were eligible for previous stimulus checks are now excluded. The plan narrows income eligibility to exclude individuals earning over $80,000 and couples making over $160,000:

• Singles phase out at AGIs between $75,000 and $80,000.
• Heads of household phase out at AGIs between $112,500 and 120,000.
• Couples phase out at AGIs between $150,000 and $160,000.

Keep in mind that this is different from the sliding scale that was used to determine eligibility for previous stimulus payments. The IRS reduced second stimulus checks by 5% for the total amount made over the AGI limit. This means that payments went down by $5 for every $100 over the limit.

The table below breaks down third stimulus payments based on narrower income ranges for singles and joint tax filers:

If you want to get a specific breakdown, SmartAssets third stimulus check calculator will give you an estimate based on your filing status, AGI and dependents.

A Few Fine Points Of The Third Stimulus Check

For the third stimulus check, anyone with a Social Security number can receive the stimulus check for themselves and their family members. This is good info for mixed-immigration status families and a change from the last bill.

Its important to note that if you are incarcerated, you can still receive your check. And if you lost work or wages in 2020, you could get a higher amount than you did with the first or second stimulus checks.

And if you normally arent required to file taxes, either because of your income level or for other reasons, you are probably eligible for a stimulus payment.

Reminder: File your taxes by April 15!

Tip: If you havent yet filed your taxes, read about how to file your taxes for free and whether you should take a Refund Anticipation Loan.

The intention behind this stimulus check, as with the last two, is to support Americans during this difficult time. This may also be a good time to consider establishing savings habits to create a financial buffer for you and your family.

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