- A third stimulus check is coming to millions of American households this month.
- Direct deposits will begin in bank accounts from March 13 or 14, and checks will be mailed shortly after.
- Checks are worth up to $1,400 per person, including dependents.
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It’s official: A third round of stimulus checks is coming.
President Joe Biden signed the US bailout plan on Thursday. Shortly after, White House Press Secretary Jen Psaki said, “People can expect to see direct deposits appearing in their bank accounts as early as this weekend.”
Eligible Americans get up to $1,400 each, plus an additional $1,400 for each dependent they claim.
When can we expect the 3rd stimulus check?
Stimulus checks sent via direct deposit will appear in bank accounts around March 13 or 14, according to the White House. Those with direct deposit get their money the fastest. Checks — and debit cards, if the IRS uses them — will be sent out in the coming weeks.
The IRS has already made two incentive payments so far, so the system is ready to start paying out the money again soon.
But we must not forget the tax season. The IRS currently processes millions of tax returns and issues refunds. The extra task of providing stimulus checks can cause some delay. However, Psaki said the agency is doing what it can to get people money as quickly as possible.
How much will I get for the 3rd stimulus check?
The third stimulus check is worth up to $1,400 per person, including dependents, and $2,800 for married couples. It is the largest payment to date and is intended to supplement the $600 sent to eligible Americans in December and January for a total of $2,000.
However, the income eligibility requirements are different from the last round of payments, so not every person who received a check for $600 will get one this time.
Americans with AGIs of $75,000 or less will receive the full payment of $1,400 — including dependents of any age. This is a break from the previous two emergency relief accounts, which did not include payments for dependents aged 17 and over, but smaller amounts for children.
Married joint petitioners with AGIs of $150,000 or less will receive $2,800 and head of household petitioners with AGIs of $112,500 will receive $1,400.
Part payments go to the following groups:
- Single filers with AGIs under $80,000
- Head-of-household filers with AGIs under $120,000
- Married Joint Petitioners with AGIs Under $160,000
People who don’t have to file an income tax return can also get payments. Information collected through the IRS nonfilers tool will likely be used to mail the checks to these recipients. Also, retirees and individuals on disability benefits and recipients of additional security incomes who do not file tax returns may receive payments.