stimulusresize (002)

The Internal Revenue Service announced that the third round of Economic Impact Payments will begin immediately. Following approval of the American Rescue Plan Act, the first batch of payments will be sent by direct deposit. Additional batches of payments will be sent in the coming weeks by direct deposit and through the mail as a check or debit card.
No action is needed by most recipients; the payments will be automatic. You can check the Get My Payment tool on IRS.gov to see the payment status of your third stimulus payment.

Most people will get $1,400 for themselves and $1,400 for each of their qualifying dependents claimed on their tax return. As with the first two Economic Impact Payments in 2020, most Americans will receive their money without having to take any action.

The income levels in this new round of stimulus payments have changed. Some people will not be eligible for the third payment even if they received a first or second Economic Impact Payment or claimed a 2020 Recovery Rebate Credit. Payments will begin to be reduced for individuals making $75,000 or above in Adjusted Gross Income ($150,000 for married filing jointly). The reduced payments end at $80,000 for individuals ($160,000 for married filing jointly); people above these levels are ineligible for a payment.

The third round of stimulus payments differs from the earlier payments in several respects:

  • The third stimulus payment will be larger for most people. Most families will get $1,400 per person, including all dependents claimed on their tax return. Typically, this means a single person with no dependents will get $1,400, while a family of four (married couple with two dependents) will get $5,600.
  • Unlike the first two payments, the third stimulus payment is not restricted to children under 17. Eligible families will get a payment based on all their qualifying dependents claimed on their return, including older relatives like college students, adults with disabilities, parents, and grandparents.

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