The American Rescue Plan has been passed and officially signed into law on March 11, 2021. Among a variety of economic recovery initiatives, the bill includes direct payments to many Americans. Here is what you need to know.
How much will your stimulus check be?
Eligible for the full $1,400 check: Adults who earned $75,000 or less, married couples who earned $150,000 or less, and heads of household who earned $112,500 or less.
Eligible for a reduced check: Adults who earned between $75,000 and $80,000, married couples who earned between $150,000 and $160,000, and heads of household who earned between $112,500 and $120,000.
Not eligible: Adults who earned more than $80,000, married couples who earned more than $160,000, and heads of household who earned more than $120,000.
An additional $1,400 will be provided for each dependent — including children and adult dependents. There is no cap, provided that their guardian makes under the limits above.
When will the checks start to go out?
According to White House Press Secretary Jen Psaki, the first wave of payments are ready to be sent and some people may start seeing those direct deposits in their bank accounts as soon as this weekend. However, the IRS is also in the middle of Tax season, and some payments will be sent via direct deposit, mailed checks, and EIP cards. Expect stimulus payments to go out in waves and know that there could be some delays.
Potential Stimulus Check Delivery Dates from the IRS (these could change)
- First direct deposits begin to be sent/processed: March 13 or 14
- First paper checks sent: Week of March 22 (TBD)
- First EIP cards sent: Week of March 29 (TBD)
- IRS deadline to finish sending checks: Dec. 31, 2021 (mandated by the bill)
How long will the IRS have to send my payment?
The recently signed bill requires the IRS to send the third stimulus payments to qualifying individuals by December 31, 2021.
Can I do anything to get my payment faster?
Not really. If you filed your 2019 taxes or have already filed your 2020 and you have set up direct deposit to receive your tax refund – you may get your stimulus payment faster provided that you meet the eligibility criteria above.
The biggest thing to remember is to be patient and protect yourself from fraud and potential scams.
- You never have to pay to receive your stimulus payment.
- You can not pay to get your stimulus payment faster.
- The IRS will not call you.
Can I track my stimulus payment?
Yes. The IRS is expected to turn on its Get My Payment online tracking tool early next week. You will be able to track your stimulus status using this tool.
How does the IRS determine the stimulus payment amounts?
Stimulus payment amounts are based on the latest tax return available to the Internal Revenue Service (IRS). If you have already filed your 2020 return, the IRS will use that to calculate your payment. If you have not filed your 2020 return, the IRS uses your 2019 return to determine if you are eligible for a stimulus payment and the amount you will receive.
What if I need to change my bank account info?
Unfortunately, it is not possible to update direct deposit information with the IRS specific to this round of stimulus payments. The IRS will use whatever account is on your most recent tax return.
The IRS is reviewing the tax provisions of the American Rescue Plan Act of 2021, signed into law on March 11, 2021. For the latest updates, check IRS.gov/coronavirus.
Stay tuned to IRS.GOV/EIP for more information over the coming weeks.