Good news! The IRS began distributing the first round of stimulus checks and they could be arriving later this month March 2021. More checks should be delivered in the following weeks. Here are answers to some frequently asked questions regarding the Third Stimulus Payment.
If you're eligible, you can check the status of your stimulus payment here
How much is the Third Stimulus Check?
You could get up to $1400 for each eligible taxpayer in your household plus an additional $1400 for each dependent. That means a family of four with two children could get up to $5600.
To check if you're eligible and how much you can expect visit
Who is Eligible for the Third Stimulus Check?
Individuals earning less than $75,000/year should get the entire $1400 and families earning less than $150,000/year should also receive the full $1400. Families earning up to $160,000 and Individuals earning up to $80,000/year will get a prorated stimulus payment (less than $1400).
Also unlike the first and second stimulus, you will receive stimulus payment for all your dependents (including adults and college students).
What to do to qualify for Third Stimulus Check?
No action is required. The IRS will determine each taxpayer's eligibility based of their 2019 or 2020 tax return. If the IRS have your bank information, your stimulus payment will automatically be deposited to your bank.
Will this Stimulus check affect my future taxes?
All three stimulus payments are not taxable income so therefore they won't reduce your refund or increase what you owe. They also won't affect your eligibility for any federal government assistance or benefits.
When will I get my Third Stimulus Check?
The first round of stimulus payment should arrive as early as the third week of Match.
Can I update my bank information now?
There seems to be no way to change your bank information at this time. Your stimulus payment will go to the bank account the IRS has on file.
