The IRS started sending third stimulus check payments just a couple of days after President Biden signed the American Rescue Plan Act. In less than a week, 90 million Americans had pocketed a total of $242 billion in stimulus payments. But that was just the first wave of payments. More stimulus checks will be sent – mostly by direct deposit, but some through the mail as a paper check or debit card. So, if you're eligible for a payment (not everyone is) but haven't received your third stimulus check yet, hang in there.
We don't know yet how long it will take to distribute all payments. Hopefully, it will be a matter of weeks, not months, before the vast majority of third stimulus checks are delivered. We shall see. In any event, whether you get your payment in the next few days or in a couple of weeks, at least you know payments will be sent soon. And since the IRS has bank account information for more Americans than it did when first-round stimulus checks were being processed, they'll be able to deposit payments directly into bank accounts for most eligible Americans. This will speed up the payment process considerably. That's good news for people who lost income because of the pandemic and desperately need the extra cash.
[Stay on top of all the new stimulus bill developments – Sign up for the Kiplinger Today E-Newsletter. It's FREE!]
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Tracking Your Third Stimulus Check
The IRS fired up the popular "Get My Payment" tool again so that you can track the status of your third stimulus check. The online tool lets you:
- Check the status of your stimulus payment;
- Confirm your payment type (paper check or direct deposit); and
- Get a projected direct deposit or paper check delivery date (or find out if a payment hasn't been scheduled).
For more information about the tool, see Where's My Stimulus Check? Use the IRS's "Get My Payment" Tool to Get an Answer.
Calculating Your Third Stimulus Check Amount
Under the American Rescue Plan, every eligible person will receive a $1,400 third stimulus check "base amount." For married couples that file a joint tax return, the base amount is $2,800. Then, for each dependent in your family, an additional $1,400 will be tacked on.
But not all people will receive the full amount. As with the first two stimulus payments, third-round stimulus checks will be reduced – potentially to zero – for people reporting an adjusted gross income (AGI) above a certain amount on their latest tax return. If you filed your most recent tax return as a single filer, your third stimulus check will be phased-out if your AGI is $75,000 or more. That threshold jumps to $112,500 for head-of-household filers, and to $150,000 for married couples filing a joint return. Third-round stimulus checks will be completely phased out for single filers with an AGI above $80,000, head-of-household filers with an AGI over $120,000, and joint filers with an AGI exceeding $160,000.
Your filing status, AGI, and number of dependents will be taken from either your 2019 or 2020 return. If your 2020 return is already filed and processed when the IRS is ready to send your payment, your stimulus check will be based on information from your 2020 return. If your 2020 return isn't filed and processed at that point, the IRS will use your 2019 return. If your 2020 return is filed and/or processed after the IRS sends you a stimulus check, but before August 16, 2021 (or September 1 if the May 17 filing deadline is pushed back any further), the IRS will send you a second payment for the difference between what your payment should have been if based on your 2020 return and the payment actually sent based on your 2019 return.
You can use our handy Third Stimulus Check Calculator to get a customized estimated payment amount. All you have to do is answer three easy questions.
For more information about your third stimulus check, see Your Third Stimulus Check: How Much? When? And Other FAQs.
-
When Does a Nest Egg Become a Ticking Tax Bomb?Retirement savers with big bucks in traditional IRAs and pretax 401(k)s could face huge tax bills when RMDs kick in. One potential solution? A Roth 401(k).
-
Medicare or Medicare Advantage: Which Is Right for You?From overall costs to availability of care, here's what to know about the differences between traditional Medicare and Medicare Advantage plans.
-
Best States to Buy Chocolate Candy Tax-FreeState Taxes There’s something spooky this Halloween and it’s not just the ghouls. Find out if your state’s sales tax takes a bite out of sweet savings.
-
Five Ways Your Boss Can Step Up in the Aftermath of a HurricaneTax Relief The IRS offers some tax advantages for employers that financially help their employees during federally declared disasters.
-
Six Tax Deadlines for October 15Tax Deadlines You might know about the federal tax return extension deadline, but did you know about these other tax deadlines for Oct. 15?
-
IRS Sued for Millions Over Employee Retention Credit (ERC) DelaysTax Credits The pandemic-era tax refunds for businesses have been a contention point for the agency, now employers are fighting for their cash.
-
Hurricane Helene Aftermath: IRS Tax Relief and How to HelpTax Relief Following the destruction in the southeast U.S., IRS officials and several states have extended tax deadlines for affected taxpayers. Here are the payments and filings that qualify.
-
New Jersey Ends Sales Tax Break for EVs: What to KnowState Tax Discover alternative savings now that New Jersey is phasing out its sales tax exemption on EVs.
-
Landmark Lawsuit Targets Unfair NYC Property TaxesProperty Tax New York’s highest court just weighed in on the city’s embattled property tax code. Here's what it could mean for you.
-
IRS Solar Tax Credit Payouts Soar as Scams Target HomeownersClean Energy Clean energy tax credits are paying off for many, but experts warn of increasing scams.
