It’s time for the IRS to start pushing those pencils again, because a new round of COVID-19 stimulus checks will be going out to Americans soon.
On Wednesday, Congress passed a $1.9 trillion COVID relief bill called the American Rescue Plan. It includes a mandate for a third round of economic impact payments, and things are, once again, different this time around in terms of dollar amounts and eligibility.
The original payments from spring 2020 were up to $1200, while people eligible for the second round from this past winter could receive up to $600.
This third round tops out at $1400 per person, and allows that same amount for dependents — including, for the first time, dependents over the age of 17. What a person receives, however, depends on income.
Here’s what to know about the third economic impact payments.
Who’s eligible?
People who have a Social Security number are eligible for stimulus checks. That includes taxpayers and dependents. And if you don’t normally file taxes, the IRS has an FAQ about how to claim your money.
How much will I get?
A person’s income, dependents, and marital status impact how much they will receive.
There are several calculators out there; you can check out CNN’s here. Generally:
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Individuals who have an adjusted gross income of $75,000 or less will receive the full $1,400. People making more than $80,000 are not eligible for checks, and those making in between $75,000 – $80,000 will receive less than the full $1,400.
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A person who receives $1,400 will get an additional $1,400 for each dependent, including adult dependents.
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Heads of household who make $112,500 or below will get the full payment. Those who make more than $120,000 do not qualify.
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Married couples who collectively make $150,000 or below can each get $1,400. The cutoff is $160,000.
When will stimulus payments go out?
The White House says that it is working to start getting payments out in March.
Where will people get their stimulus payments?
If you filed your 2019 or 2020 taxes with direct deposit, the IRS should transfer the money directly into that account. It could also arrive by check, or as a pre-paid debit card.
How can I check where my payment is at?
The IRS’ Get My Payment website, which allows people to check on the status of their stimulus checks, is not yet functioning for this round. However, if the timing is similar to the process for the second stimulus checks, it will likely come back online soon.