The U.S. Treasury and IRS began direct deposits on Friday, Mar. 12, on the third round of stimulus payments signed into law by President Biden. Deposits will be staggered throughout coming weeks, some scheduled for Wednesday, Mar. 17.
Eligible recipients can check their stimulus status through the IRS tool, Get My Payment.
For folks who didn’t get the two stimulus payments in 2020 (first, $1,200; second, $600), they will be able to claim nonpayment on their 2020 taxes. However, a tax return must be filed to receive the 2020 Recovery Rebate Credit — even for those not required to file.
This third stimulus payment will not be applicable to the 2020 rebate credit.
President Biden signed the $1.9 trillion American Rescue Plan into law last week, which includes financial help for folks with a social security number: up to $1,400 per person. Couples who file jointly will receive $2,800. Families with children also get $1,400 per child.
Folks eligible for the payment must make less than $75,000; heads of households, less than $112,000; and $150,000 for couples. Folks making $80,000, HOH making $120,000, and couples making $160,000 will not receive payments. Any worker in between those income cutoffs will receive reduced payments, which can be calculated here.
Officials looked at taxpayer’s recent returns to gauge the payment thresholds. The stimulus amounts are not taxable.
Penn Wharton Budget Model estimates “99 percent of households in the bottom 80 percent of incomes would receive direct aid under the Biden plan. The average benefit for households in the bottom 40 percent of incomes would be over $3,000.”
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