Some Americans have already received their third round of stimulus money, but if you have not, here’s why.
On Friday, the Internal Revenue Service confirmed that $1,400 stimulus checks will officially start to go out on Wednesday, March 17. But some taxpayers will start to see those payments before that official date.
“Some Americans may see the direct deposit payments as pending or as provisional payments in their accounts before the official payment date of March 17,” the IRS wrote in a statement on Friday.
Similar to past rounds, taxpayers will be able to track their third stimulus payment on the “Get My Payment” portal on the IRS.gov website. However, the tool won’t be live until Monday, March 15.
“The payments will be delivered automatically to taxpayers even as the IRS continues delivering regular tax refunds. We urge people to visit IRS.gov for the latest details on the stimulus payments, other new tax law provisions and tax season updates,” IRS Commissioner Chuck Rettig wrote in statement on Friday.
The $1.9 trillion package signed into law by President Joe Biden last week provides $1,400 stimulus dollars to single filers earning up to $75,000, or $2,800 to couples filing jointly earning up to $150,000. Taxpayers earning above that level could still get a reduced payment. But, no payments will be sent to single filers earnings above $80,000, or couples earning jointly above $160,000. Income is based on your adjusted gross income (AGI) found in your most recent tax filing
“The third round of Economic Impact Payments (EIP3) will be based on the taxpayer’s latest processed tax return from either 2020 or 2019. This includes anyone who successfully registered online at IRS.gov using the agency’s Non-Filers tool last year, or alternatively, submitted a special simplified tax return to the IRS,” the IRS wrote in a statement on Friday.
Eligible taxpayers will get a $1,400 check for each child or adult dependent.