How Much Money Will I Get
- Adults whose adjusted gross income is less than $75,000/year will get $1,400 for each adult, plus $1,400 for each dependent no matter how old they are. This applies to heads of households who make less than $112,500, as well.
- The IRS will use income information from your 2020 tax return if they received that return before sending your money. Otherwise they will use information from your 2019 tax return.
- If the IRS sends your payment based on a 2019 return and then your 2020 return says you qualify for more , they will send an additional payment to make up for the difference. To get the additional payment, you must file the 2020 tax return by 90 days from the filing deadline or September 1, 2021, whichever is earlier.
When Will Second Stimulus Checks Be Sent
The IRS is expected to start sending second stimulus checks before the end of 2020. From there, it will be a sprint to January 15, 2021, which is the IRSs deadline for sending payments. If you dont receive a second stimulus check by then, you can claim it as a recovery rebate credit on your 2020 federal income tax return.
Where Is My Third Stimulus Check
You can track the status of your third stimulus check by using the IRS Get My Payment tool, available in English and Spanish. You can see whether your third stimulus check has been issued and whether your payment type is direct deposit or mail.
When you use the IRS Get My Payment tool, you will get one of the following messages:
Payment Status, which means:
- A payment has been processed. You will be shown a payment date and whether the payment type is direct deposit or mail or
- Youre eligible, but a payment has not been processed and a payment date is not available.
Payment Status Not Available, which means:
- Your payment has not been processed or
- Youre not eligible for a payment.
Need More Information, which means:
- Your payment was returned to the IRS because the post office was unable to deliver it. If this message is displayed, you will have a chance to enter your banking information and receive your payment as a direct deposit. Otherwise, you will need to update your address before the IRS can send you your payment.
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Will My Third Stimulus Check Be Reduced
The number the IRS will look at is your adjusted gross income for 2020, which is your income without retirement contributions but before your standard or itemized deductions are taken out. You can find your adjusted gross income on line 11 of your Form 1040 of your 2020 tax return. If you haven’t yet filed your 2020 tax return, the IRS will use your AGI from your 2019 tax return.
Single people who make between $75,000 and $80,000 will have their checks reduced by 28% of the amount over $75,000, and married people who file joint returns and make between 150,000 and $160,000 will have their checks reduced by the same percentage of the amount over $150,000. Taxpayers who file as head of household and make between $112,500 and $120,000 will have their checks reduced by a similar percentage of the amount over $112,500. The $1,400 that parents receive for each dependent is subject to the same reduction.
This means that single people who earned $80,000 or more in 2020 don’t qualify at all for the third stimulus checkcompared with $87,000 for the second stimulus check. Couples who earned $160,000 or more won’t get a third stimulus check, down from $174,000 for the second stimulus check. And a family of four that earned $160,000 or more also won’t receive a third stimulus check.
Some Americans Could Get $1800 In 2022
Those who added a dependent may not be the only ones to get another payment from the government. Many other parents could also be entitled to more funds.
See, the American Rescue Plan Act also temporarily expanded the Child Tax Credit for the 2021 tax year. Prior to 2021, the credit was for a maximum of $2,000 per child and only $1,400 of it was refundable. The credit had to be claimed on your taxes and you’d reduce your tax bill with it or could get up to $1,400 back even if you didn’t have at least $2,000 in tax liability.
The American Rescue Plan Act raised the amount of the credit to $3,600 for children under age 6 and $3,000 for children aged 6 to 17. And it’s now fully refundable. The IRS was also ordered to deliver half of this expanded credit at a rate of $300 or $250 per child deposited into bank accounts from July through December of 2021.
This means half the expanded credit was delivered already for most people. But eligible parents can claim the rest of the credit they are entitled to when they file their 2021 taxes. You could be eligible for a credit worth up to $1,800 per child that reduces your tax bill or that comes in the form of a larger tax refund.
Parents who added a dependent to their family in 2021 may have also missed out on the full $3,600 or $3,000 expanded Child Tax Credit they became entitled to last year. They could receive this money along with their $1,400 stimulus check when filing their returns for the year.
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How Much Will Adult Dependents Get
Adult dependents qualify under the American Rescue Plan for a third stimulus check. This means that college students, elderly relatives and disabled adults can get a maximum payments of $1,400 each, depending on the AGI of the taxpayer who claims them.
The text for the new legislation expanded the meaning of the term dependent to include both qualifying children and adults. For reference, the first and second stimulus checks limited additional payments to dependents under the age of 17.
So now, if you file your joint taxes with one child under 17, one college student over 17 and one elderly relative as dependents, you could get a maximum third stimulus payment of $7,000 .
For a comparison with the second stimulus check, you would only qualify for $1,800 as a joint filer with the same number of dependents and ages . Children or adult dependents over the age limit could not get the additional payment, and your college student and elderly dependents could not qualify for a stimulus check of their own either.
Why Did I Only Get Half Of My 3rd Stimulus Check
The IRS says that some married couples filing jointly may have only received half the amount theyre eligible to receive. The IRS is working on getting the remainder out to eligible couples. Your payments may arrive via different methods, so watch the mail in case you get a check or EIP card for the missing amount.
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What Income Level Triggers A Payment Reduction
As mentioned above, second stimulus checks will be phased-out for people at certain income levels. Your check will be gradually reduced to zero if you’re single or married filing a separate tax return with a 2019 adjusted gross income above $75,000. If you’re married filing a joint tax return or a qualifying widow, the amount of your second stimulus check will drop if your AGI exceeds $150,000. If you claim the head-of-household filing status on your tax return, your payment will be reduced if your AGI tops $112,500. The Second Stimulus Check Calculator above will do all the math for you!
Why Else Could Your Stimulus Payment Not Match The Calculator Estimate
There other reasons your stimulus check could be smaller than you were expecting — or why you’ve not received one at all. Maybe your payment was based on your 2019 taxes instead of 2020 . Checks that are missing altogether can be tracked using a few tools and missing money can be claimed in a few different ways. Read our guide to stimulus check problems for solutions to these and other issues.
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The Irs Won’t Tell You How Much Stimulus Money You’ll Get Here’s How To Figure Your Amount
You want to make sure you received the right amount in your third stimulus check.
Clifford is a managing editor at CNET. He spent a handful of years at Peachpit Press, editing books on everything from the first iPhone to Python. He also worked at a handful of now-dead computer magazines, including MacWEEK and MacUser. Unrelated, he roots for the Oakland A’s.
Like many, you may have received your third stimulus check straight from the IRS by now, but it’s in your best interest to double-check the amount you got. The IRS is keeping track of lots of forms, figures and payments this spring, and depending on what the IRS had on hand for you when it calculated your stimulus check amount, it may not have used your current information. Our stimulus check calculator can help you quickly get an estimate for how much you qualify to receive and whether the IRS underestimated your payment, meaning you may be due a so-called “plus-up payment.”
Did you make less money in 2020 or have a baby? Maybe you gained a dependent? Any of those things could trigger a bigger third stimulus check than the IRS calculated for you. We’ll explain the details below. And here’s the deal with a possible fourth stimulus check, and how to calculate your child tax credit total for up to $3,600 per kid. This story is frequently updated.
The Idea Behind The Coronavirus Stimulus Package
With the virus raging around the world, and more and more Americans tested positive for it every day, the economy is suffering. People prefer not to risk being infected and stay home. Employers, if possible, have suggested home office and have closed their workplaces for the time being. Some states are in complete shutdown and forbid work as we know it. So what about those whose work cannot be done remotely? And what about people working in places such as schools, restaurants, or bars, which are being closed down? Where are they supposed to find the money to survive this difficult time?
That’s precisely the problem the $2 trillion coronavirus stimulus package is here to address. It is a one-time social fund to all those struggling and worrying about the near future. To quote the Congress itself:
“The bill also provides funding for $1,200 tax rebates to individuals, with additional $500 payments per qualifying child. The rebate begins phasing out when incomes exceed $75,000 .“
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How To Make The Most Out Of Your Stimulus Check
- If you dont need to use your stimulus check for anything urgent, consider investing or saving the money. A financial advisor can help you get started if youre need help managing your money or investments. SmartAssets free tool can match you with financial advisors in your area in just five minutes. Get started now.
- If coronavirus is affecting your finances, dont only rely on the stimulus check program. You may find aid in the form of mortgage forbearance, student loan relief and other programs. Check with all relevant federal and state sources.
- Are you a small business owner looking for coronavirus relief? Be sure to explore the Paycheck Protection Program and Economic Injury Disaster Loans . Use our PPP calculator and list of available PPP lenders.
Determining Eligibility For The Third Economic Impact Payment
Most eligible people will get the third Economic Impact Payment automatically and won’t need to take additional action. The IRS will use available information to determine eligibility and issue the third payment to eligible people who:
- Filed a 2020 tax return.
- Filed a 2019 tax return if the 2020 return has not been submitted or processed yet.
- Did not file a 2020 or 2019 tax return but registered for the first Economic Impact Payment using the special Non-Filers portal last year.
- Are federal benefit recipients as of December 31, 2020, who do not usually file a tax return and received Social Security and Railroad Retirement Board benefits, Supplemental Security Income and Veteran benefit recipients in 2020. The IRS is working with these agencies to get updated information for 2021 to assist with stimulus payments at a date to be determined. IRS.gov will have more details.
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Stimulus Check Payout Schedule
The IRS has confirmed that the distribution of economic impact payments has started and millions of Americans should have their stimulus check payment by now. Note that this will likely only apply to those receiving the payment via direct deposit . You can see the status of your stimulus check payment on the IRS Get My Payment portal.
- Direct Deposit payments will generally be deposited 2 to 3 days after the IRS confirms income eligibility for the payout.
- Physical checks will take at least 6 to 8 weeks to be mailed out.
Social Security Retirees and Disability recipients who are eligible for the payment will get the stimulus checks/payments deposited the same way they currently get their payments.
Given over 120 million Americans could be eligible for the payment, it will take a while to process the stimulus checks.
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Using The Stimulus Check Calculator
To use the Stimulus Check Calculator, youll need to complete just three input screens.
The first will be to select your tax filing status single, married, or head of household.
Next, youll enter your adjusted gross income . That will be the AGI that appeared on your 2019 federal income tax return.
Finally, you can use the slide bar to enter the number of qualifying children under 17.
Once youve entered all three pieces of information, simply the Calculate button, and youll see the stimulus payment you are likely to receive.
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Will There Be A Fourth Stimulus Check
Probably not. Although a group of more than 60 Democratic lawmakers have signed a letter urging Biden to consider sending more direct payments to individuals, there has been no indication from him that he is considering more direct relief to Americans.
Instead, Biden has released his plans for trillions in spending for other priorities through the American Jobs Plan and American Families Plan, which provide funding for paid family leave, housing, child care, infrastructure improvements and more. We will be following the situation closely and updating you every step of the way.
Do I Have To File Taxes To Get A Stimulus Check
Do I need to be current with all my filings to get a stimulus check? No. According to the information that the IRS provides, you only need to file your 2020 tax return, which is the return for last year. The reason this return is important is that it provides a way for you to claim your Recovery Rebate Credit.
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Avoid Scams Related To Economic Payments Covid
The IRS urges taxpayers to be on the lookout for scam artists trying to use the economic impact payments as cover for schemes to steal personal information and money. Remember, the IRS will not call , text you, email you or contact you on social media asking for personal or bank account information even related to the economic impact payments. Also, watch out for emails with attachments or links claiming to have special information about economic impact payments or refunds.
How Much Is It Worth
Eligible individuals with adjusted gross income up to $75,000 for single filers, $112,500 for head of household filers and $150,000 for married filing jointly are eligible for the full $1,200 for individuals and $2,400 married filing jointly. In addition, they are eligible for an additional $500 per qualifying child.
For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds. Single filers with income exceeding $99,000, $136,500 for head of household filers and $198,000 for joint filers with no children are not eligible and will not receive payments.
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How Long Does It Take To Get My Stimulus Checks
The IRS announced on December 29 that it has started sending out the second round of stimulus checks to millions of Americans. Treasury Secretary Steven Mnuchin said that direct payments would go out a few days after the President signed the bill, and paper checks will take the longest.
For a comparison, the first stimulus checks already went out to the vast majority of Americans who are eligible for one. The IRS sent out the first electronic stimulus check payments on April 11, with most having arrived by April 15. The recipients of these initial payments were those who qualify for a check and have filed a tax return via direct deposit in either 2018 or 2019.
The first paper stimulus checks were in the mail as of April 24, 2020, with President Donald J. Trump printed on the memo line. This initial round of physical payments is specifically for individuals with an adjusted gross income of $10,000 or less. Each week after this, an additional five million paper checks will be mailed to those with an AGI of $10,000 above the previous weeks limit . Unfortunately, that means that some Americans did not get their checks until late summer or early fall.
Recipients of Social Security retirement benefits, Social Security survivor benefits, Social Security disability benefits, Supplemental Security Income , Railroad Retirement benefits and VA benefits who have their bank account on file with the IRS will automatically get their second stimulus check via direct deposit .