On Friday, the IRS announced that Americans should start to receive their stimulus payments deposited within the next few weeks via direct deposit, mailed check or EIP debit card.
Many households were pleasantly surprised this weekend when they received their third stimulus payment by direct deposit—just days after President Biden signed the American Rescue Plan.
When will my third stimulus check arrive?
The IRS has provided a “Get My Payment” online portal, which shows the status of when your payment has been issued, the date you should expect to receive it and the method of payment.
Users are required to enter their Social Security or tax ID number, date of birth, street address and ZIP code. The IRS updates your payment status once per day (usually overnight).
How much will I receive?
The third stimulus payments include up to $1,400 for a single person or $2,800 for a married couple filing jointly, plus an additional $1,400 for each dependent child.
The new bill authorized that dependents of all ages are eligible for stimulus payments, including college-age students and older adult dependents.
Individuals earning up to $75,000 (and married couples with incomes up to $150,000) will receive the full payment.
Payments are reduced for incomes above this threshold, and the final approved bill states that individuals earning more than $80,000 (or married couples earning more than $160,000) will not receive a third round stimulus payment.
The payments are based on either 2019 or 2020 income, depending on when a taxpayer files their 2020 tax return.
Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI) and other federal beneficiaries will likely receive their third stimulus payment the same way they receive their usual benefits. The IRS will announce the payment date and more details for this group shortly.