Now that the House of Representatives and Senate lawmakers officially approved the $1.9 trillion coronavirus relief bill, the only this left for Americans to receive a stimulus check is a signature from President Joe Biden. The American Rescue plan Act is headed to Biden’s desk this weekend. A stimulus payment could start being sent out within days of the signature, meaning Americans could start seeing money as early as next week. The payments included in the nearly $2 trillion stimulus bill are the largest yet!
When Will I Receive my 3rd Stimulus Check?
The first people to receive the third round of stimulus checks are likely those who have a direct deposit set up with the IRS. This is due to the government already having their account information and social security number on file and doesn’t necessarily need to go to the process of sorting, printing, and mailing physical paper checks or prepaid debit cards.
Those who don’t have direct deposits will have to wait for a payment to be produced and sent, which is a process that can be time-consuming at times. The last round of stimulus checks saw taxpayers complaining that the payment had been deposited into the wrong bank accounts, which then resulted in a heavy delay in receiving funds.
How Much Will I Receive?
To be eligible for full payment of $1,400 individuals must have been an adjusted gross income below $75,000. Married couples who filed jointly must have an AGI under $150,000 to receive the full $2,800. These payments are based on either 2019 or 2020 income depending on when the taxpayer filed for their 2020 tax return.
The payments are reduced for those with income above those thresholds. Payments will be capped at individuals who earned $80,000 in income, heads of households who earned $120,000, and married couples with $160,000. Last year, the first and the second round of payments excluded individuals over the age of 17 who were claimed as dependent on another person’s income tax return, which left out millions of college students and recent graduates.
The American Rescue Plan did note that all dependents, regardless of age, will be qualified to receive a check so long as the filer who claimed them meets the necessary criteria. The stimulus check will go to the individual who filed the taxes, not the dependent.