With the recent news of President Joe Biden signing the $1.9 trillion COVID-19 Economic Relief Package into law on Thursday, March 11th, we know you may have some questions regarding if you’re eligible for the third round of stimulus payments and when you’ll receive it.
How much will my stimulus payment be?
The bill calls for $1,400 payments per individual, or $2,800 for married couples, provided they fall under certain income thresholds, which are outlined below. As for children, there will also be $1,400 tacked on for each dependent in the household, which is the biggest difference in this round of stimulus checks.
To be eligible for the full $1,400, individuals must have an adjusted gross income (AGI) below $75,000. Married couples filing jointly must have an adjusted gross income under $150,000 to receive the full $2,800. These numbers will be based on either 2019 or 2020 income, depending on when a taxpayer files their 2020 tax return.
When will the third round of stimulus checks be deposited into my account?
On March 11, 2021, White House Briefing announced that people that received their IRS tax refund through direct deposit could start seeing the stimulus payments deposited into their accounts as early as the weekend of March 13th, with additional waves of payments to proceed in the following weeks.
This is dependent upon a lot of different factors, as mentioned in previous questions. However, the IRS set up a tool to check your payment status by visiting their website at www.IRS.gov.
How will I know when my stimulus payment is going to be deposited?
Would you like to be notified when the stimulus checks are deposited in your account? Watch this short video to set up alerts for deposits, balance levels, and almost anything.