President Joe Biden signed the $1.9 trillion federeal Covid relief package that had passed Congress mostly by partisan vote and the third round of stimulus checks could be arriving as soon as this week.
The first round of money is aimed at qualified recipients who already have direct deposit accounts on file with the IRS. About 85% of US households will qualify according to President Biden. People may see direct deposits arrive in their bank account early as pending or provisional and have to wait until the official payment date of March 17 to access the funds.
To track your payment, go to https://www.irs.gov/coronavirus/get-my-payment.
Individuals who qualify are those with an income less than $75,000 or a couple less than $150,000, and head of households with less than $112,500. Dependents represent $1,400 apiece with no cap on number of children.
If you didn’t get the full amount of the first or second payment you were eligible for, you may be eligible to claim the 2020 Recovery Rebate Credit and must file a 2020 tax return even if you aren’t required to file. The third payment will not be used to calculate the 2020 Recovery Rebate Credit.
Also, eligible are US citizens living abroad, families with mixed US citizenship as long as they meet the other qualifications, and incarcerated people for the first time. This is a result of the IRS being ordered by a federal judge to send the first stimulus check to people who are incarcerated.
Those who owe child support could have their checks garnished to cover past due payments.
Dependents over age 16 did not qualify for the first and second checks but a change makes college students, older adult relatives and people of any age with certain disabilities entitled to receive money as part of the household total.
All mixed-status househoulds where just one member has a Social Security number will be eligible for a third stimulus check.
The new law includes babies born anytime in 2021.
The check is in the mail...or direct deposit
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