More Third Stimulus Check Payments Sent This Week
The IRS issued the second batch of third-round stimulus payments this week. Direct deposit payments are already available, while additional paper check and debit card payments will arrive in mailboxes soon.
If you didn't receive a first wave third stimulus check last week, your payment might be in the second batch being issued this week. The second batch included 37 million new payments, bringing the total disbursed third-round payments so far to approximately 127 million (worth approximately $325 billion). For Americans receiving a direct deposit payment, the "official payment date" for the latest batch of deposits was March 24. (If a "pending" or "provisional" payment showed up in your bank account earlier this week, you should have access to the funds by now.)
Direct deposit by far is the quickest and easiest method of delivering your payment. The money for your third stimulus check will be directly deposited into your personal bank account if the IRS has the necessary information (e.g., your bank's routing number and your bank account number) from:
- Your 2019 or 2020 federal income tax return (Form 1040);
- The "Non-Filers: Enter Payment Info Here" tool used for first-round stimulus payments;
- The "Get My Payment" tool, if the information was provided in 2020;
- A federal agency that issued benefits to you (e.g., the Social Security Administration, Department of Veteran Affairs, or Railroad Retirement Board).
But the IRS doesn't have bank account information for everyone who is eligible for a third stimulus check. As a result, this week's batch of payments will also include a large number of paper checks and debits cards sent by regular mail. Also, if a direct deposit is sent to a closed bank account, the payment will be reissued by mail to the address on file with the IRS. So, if you don't get a direct deposit payment today, check your mailbox in the coming weeks for a check or card.
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.
And hang in there if your payment isn't in one of the first two batches. The IRS plans to send additional third stimulus check payments on a weekly basis going forward. Most Americans who are eligible to receive a payment (not everyone will get one) will receive it by direct deposit. Plus, the IRS was able to convert many payments to direct deposits that otherwise would have been sent as paper checks or debit cards. This will speed up stimulus payments by weeks.
[Stay on top of all the new stimulus bill developments – Sign up for the Kiplinger Today E-Newsletter. It's FREE!]
Tracking the Status of Your Third Stimulus Check
You can use the IRS's "Get My Payment" tool to track the status of your third stimulus check. This is a newer version of the same online portal that was available to keep track of your first- and second-round payments. 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 the Amount of Your Third Stimulus Check
Every eligible American will receive a $1,400 third stimulus check "base amount" ($2,800 for married couples that file a joint tax return). The IRS will then tack on an additional $1,400 for each dependent in your family (regardless of the dependent's age).
Unfortunately, though, 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.
To continue reading this article
please register for free
This is different from signing in to your print subscription
Why am I seeing this? Find out more here
Rocky Mengle was a Senior Tax Editor for Kiplinger from October 2018 to January 2023 with more than 20 years of experience covering federal and state tax developments. Before coming to Kiplinger, Rocky worked for Wolters Kluwer Tax & Accounting, and Kleinrock Publishing, where he provided breaking news and guidance for CPAs, tax attorneys, and other tax professionals. He has also been quoted as an expert by USA Today, Forbes, U.S. News & World Report, Reuters, Accounting Today, and other media outlets. Rocky holds a law degree from the University of Connecticut and a B.A. in History from Salisbury University.
-
Is a Phased Retirement Right for You?
Want to keep working, just not as hard? A phased retirement may just be the answer.
By Kimberly Lankford Published
-
Four Tips to Make Your Sales Presentation a Winner
Being prepared and not being boring can go a long way toward persuading a potential customer to buy into what you’re offering.
By H. Dennis Beaver, Esq. Published
-
'Instant' EV Tax Credits Are a Hit: $580M Paid This Year
EV Credits Claiming federal electric vehicle tax credits at the point of sale is a new and popular option in 2024.
By Kelley R. Taylor Last updated
-
Retirees Face Significant Tax Bills Due to Fraud
Fraud A new report sheds light on how older adult scam victims end up with big tax bills and lost retirement savings.
By Kelley R. Taylor Last updated
-
Tax Day: Is the Post Office Open Late?
Tax Filing Tax Day means some people need to mail their federal income tax returns.
By Kelley R. Taylor Published
-
High Earners: Beware of These Illegal Schemes to Lower Taxes
Tax Schemes The IRS says high-income filers are targets for several illegal tax schemes.
By Katelyn Washington Last updated
-
Mailing Your Tax Return This Year? What to Know Before You Do
Tax Filing There are plenty of reasons not to mail your tax return this year, but here’s what you should know if you are.
By Katelyn Washington Last updated
-
IRS Warning: Beware of Smishing and 'Helper' Tax Scams
Scams Tax season is a time to look out for email and text message scams.
By Kelley R. Taylor Last updated
-
Most Expensive States to Live in for Homeowners
Property Taxes High property tax bills make the places on this list the most expensive states for homeowners to live in.
By Katelyn Washington Last updated
-
Don’t Miss This $2,500 Tax Break for Paying Your Student Loan
Tax Deductions Do you qualify for the student loan interest deduction this year?
By Katelyn Washington Last updated