The information in this article was last updated on March 31, 2021. This article relates to the tax laws enacted during the COVID-19 pandemic. These laws may have expired or reverted to their original state.
President Biden signed the American Rescue Plan into law on March 11, 2021. The relief package includes a provision to deliver a third round of stimulus checks to millions of Americans. Here is what we know so far about these payments.
What do I need to do to get the third stimulus?
You may not need to do anything. Most people will receive payments without taking any action. Please note that contacting the IRS, your financial institution, or TaxSlayer will not speed up the delivery of your check.
When will my third stimulus check be delivered?
The government officially began delivering the third stimulus checks on March 17. You can use the Get My Payment tool on the IRS website to check the status of your 2021 Economic Impact Payment.
How much is the third stimulus worth?
Those who qualify for the stimulus will receive up to $1,400 per person in their household – including $1,400 for each dependent.
As with the previous stimulus checks, the amount you’ll receive depends on your household AGI. The table below shows the new income thresholds for stimulus round three.
|Filing status||Eligible for full amount (AGI)||Stimulus phases out completely (AGI)|
|Single||Less than $75,000||$80,000 or more|
|Head of household||Less than $112,500||$120,000 or more|
|Married filing jointly||Less than $150,000||$160,000 or more|
Taxpayers making less than the minimum threshold will get the full stimulus check, while those earning above it will get a reduced amount. The stimulus fully phases out at $80,000 for single filers and $160,000 for married couples. Above this limit, you will not receive a stimulus, and neither will your dependents.
Who qualifies for the third stimulus checks?
As with the first two stimulus payments, this third check depends on your tax filing status, your AGI, and how many dependents you claim.
Single taxpayers who earn less than $75,000 and married couples earning less than $150,000 are eligible for the full stimulus.
Families with dependents can receive an additional $1,400 for each dependent in the household. There is no age limit for dependents this time, so college students and adult dependents are also eligible for the $1,400.
Families with mixed citizenship (that is, at least one family member is a U.S. citizen) also qualify.
Is the third stimulus check amount based on my 2019 or 2020 taxes?
The IRS will look at your last processed return (either 2019 or 2020) to determine how much you will get for the third stimulus.
What should I do if I already filed for 2020?
If you have already filed your 2020 income tax return, you do not need to take any action.
How is the third stimulus being delivered?
The IRS will send payments by direct deposit, paper check, and prepaid debit cards. They will likely deliver your third stimulus the same way you received the previous stimulus or your tax refund.
To ensure you receive the stimulus payment by direct deposit, file your 2020 tax return and choose direct deposit for your refund delivery method. If you’ve received your refund by direct deposit in prior years, filing your 2020 return now gives you the opportunity to verify your bank account information (and make sure your mailing address is current, too).
When the second stimulus checks were delivered, an IRS error caused some payments to be returned. This issue has been resolved and will not impact how your third stimulus is delivered.
Does the third stimulus check get reported on 2020 tax returns?
No. You will only provide information about the first and second stimulus check amounts on your 2020 tax return. The Recovery Rebate Credit for tax year 2020 is calculated based on the first two stimulus payments and does not account for the third stimulus.