Last week, President Joe Biden signed the American Rescue Plan, the bill that includes many things, including your stimulus check. There are a lot questions in regards to the third stimulus check and I have answered just about everything I can think of below. If there is a topic I didn’t cover, then please leave a comment at the end of the post and I will respond with an answer.
Alright, let’s start off with the most important question.
How Much Will I Get?
This 3rd round of stimulus checks will include:
$1,400 per person ($2,800 per couple)
$1,400 per dependent (over age 17)
Example: A married couple with three children earning $110,000 per year would receive $7,000.
Differences from the Previous Stimulus Checks
The biggest difference is the eligibility for dependents does not stop at age 17 like it did in 2020.
Let’s say you have an 18-year-old college student who you claim as your dependent when you file your taxes.
Therefore, you would now receive $1,400 for your college student whereas last year you would not.
Another difference is the income limitations. The first round of stimulus checks were phased out for single filers between $50k and $99k, and married filers were between $150k and $198k.
The third round of stimulus payments lower the eligibility quite a bit.
Single filers phase out between $75k and $80k and married filers phase out between $150k and $160k.
Who Does Not Qualify for Stimulus Check?
Dependents: If you can be claimed on someone else’s tax return, you will NOT receive a stimulus check.
High income earners: If your adjusted gross income (line 8b on tax return) on your 2019 tax return, or 2020 if you’ve already filed, is above these thresholds, you and your dependents will NOT receive a stimulus check:
- Single filers above $80,000
- Head of household: $120,000
- Married filing jointly: $160,000
When Will I Receive My Stimulus Check?
Stimulus checks started going out on March 17th and are expected to continue going out for the next 10 days or until the end of March.
Where to Check on Payment Status
The IRS has a Get My Payment tool that actually works!
I know…I was shocked to see something on a government website actually worked too.
Simply enter in your Social Security Number (or Tax ID Number), your date of birth, your street address and your zip code. Within seconds,
Is My Stimulus Based onMy 2019 or 2020 Return?
The IRS states that your latest tax return will be used to determine your eligibility or amount for the stimulus check.
If you haven’t filed your 2020 return yet, then the stimulus eligibility will be based on your 2019 return. However, if you filed your 2020 return already, then the IRS will use this latest return to determine your stimulus check amount and eligibility.
What if I Wasn’t Eligible in 2019 but I Now Qualify in 2020?
Maybe you’re someone who was not eligible based on your 2019 tax return but after 2020, you would now qualify for the stimulus check.
If this is you, the good news is the IRS is saying you will get your stimulus check one way or the other. If you already filed your 2020 return with the lower adjusted gross income, then you will be receiving a stimulus check based on the latest tax return.
However, if you haven’t filed yet (you now have until March 17th 2021), your stimulus check will be delayed until you file your 2020. The IRS says they will reconcile with the latest tax returns sometime this year or you may have a credit applied to your 2021 tax return.
Any other questions, please don’t hesitate to ask. Just simply leave a comment below this post and I will do my best to answer them as quickly as possible.
Also, your questions will help other readers who may have the same question you do, so feel free to ask away and help someone else navigate through this complicated process.
Thanks so much!