Who-When-What Of The 3rd Stimulus Check
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Due to many messages I’ve received from our readers, inquiring about the income restriction for those receiving the third stimulus check, I am posting these videos below to help clarify the situation.
The third round of stimulus checks, being sent out automatically to an estimated 85% of Americans, were authorized by the Democratic-controlled Congress as part of the recently passed American Rescue Plan. President Joe Biden signed the $1.9 trillion COVID-19 relief package into law last Thursday, March 10, 2021. This third stimulus payments approved by the Biden administration represent the largest amount sent out by the federal government to date, compared to the previous two approved last year during the Trump administration. Unlike the first two payments, families will get the stimulus checks for all dependents claimed on their tax returns, including adult dependents, such as college students and older relatives, whereas previous two payments only allowed children under age of 17 to qualify. But if you are in debt, you might not see some of that money because debt collectors can garnish funds from the stimulus checks
The third round of payments/checks started going out on March 12, 2021 to those who had already signed up to receive their checks via direct deposit. Others will be deposited or mailed out in the coming weeks.
NBC News’ Sahil Kapur breaks down who is eligible for the third round of stimulus checks after the Senate passes President Biden’s COVID-19 relief bill on a 50-49 vote with no support from Senate Republicans, in the video published on March 6, 2021, “Examining Eligibility For Third Round of Stimulus Checks After Senate Passes Covid Relief Bill“, below:
If one lost his/her job during 2020 while having made more than $75,000 during 2019, to maximize what one would receive, it is recommended that one files his/her tax return for 2020 ASAP.
Nancy Cordes, CBS News Chief White House correspondent, joined CBSN to discuss, in the new deal, who will be receiving the third stimulus checks and a new initiative that aims to boost COVID-19 vaccinations among the nation’s most vulnerable communities, in the video published on March 4, 2021, “White House narrows income limits for stimulus checks“, below:
Individuals receiving income up to $75,000 (based on previous year’s tax return) would receive the full $1,400 (and income between $75,000 and $80,000 would receive a smaller check) and married couples filing together with income up to $150,000 (based on previous year’s tax return) would receive the full $2,800 and $1,400 per child (and married couples income between $150,000 and $160,000 would receive smaller check and nothing above income of $160,000). This change is due to the fact that there is no support from the Republican, and the package has to keep all of the Democrats in agreement. This change would lead to 9 million households losing stimulus payments while 150 million households receiving bigger payments.
For stimulus check calculator, please click HERE.
The third round of payments will be issued to eligible people who:
- Filed a 2020 tax return (which is due April 15 this year)
- Filed a 2019 tax return (if the 2020 return hasn’t been submitted or processed yet)
- Didn’t file a tax return for either of those years but registered for the first stimulus check using the special non-filers portal last year
- Are, as of Dec. 31, 2020, recipients of federal benefits who don’t usually file a tax return. This group includes people who received Social Security or Railroad Retirement Board benefits, Supplemental Security Income or veteran benefits in 2020. (More information for federal benefit recipients will be provided at a date to be determined as the IRS works with the various information to update information for this year. Further details will be released at IRS.gov.)
People who didn’t file a 2019 or 2020 return, or register for the non-filers tool, may still qualify for all three payments (provided they meet all the eligibility requirements) through the Recovery Rebate Credit. The credit can be claimed by filing a 2020 tax return. Find out how to do that HERE.
To check the status (including when and how the check is being sent) of one’s economic impact payments, one may use Get My Payment tool on IRS.gov . This tool is available in English and Spanish and is constantly being updated.
As with the previous direct payments, the IRS does not consider the third payment to be taxable income.
More information about the direct payments and other related matters can be found in the following:
- Economic Impact Payments: IRS.gov/eip
- Stimulus check status: IRS.gov/getmypayment
- Other coronavirus-related tax relief: visit IRS.gov/coronavirus
Gathered, written, and posted by Windermere Sun-Susan Sun Nunamaker More about the community at www.WindermereSun.com
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