As stimulus chatter heats back up, you may be wondering, when should I expect my third stimulus check? If you’ve been keeping up with the news, you’re probably aware that Congress is currently negotiating a comprehensive stimulus bill. However, with everything still up in the air, it’s hard to predict when your check will be on its way.
The most recent update we have on stimulus payments is that they’re expected to start hitting bank accounts in March. If you’ve been eligible for stimulus payments in the past, there’s no reason to expect that you won’t receive a third payment. But if you’re still waiting on your second stimulus check, it’s important to make sure the Internal Revenue Service (IRS) has all of your updated information on file.
It’s important to remember that the situation is constantly changing, so it’s possible that the timeline for stimulus payments may be pushed back or delayed. In the meantime, it’s a good idea to keep an eye out for updates from the IRS and communicate with your bank to ensure everything is in order. So hang tight, keep an eye on your bank account, and stay up to date with the latest news on the third round of stimulus payments.
Eligibility requirements for the third stimulus check
The third stimulus check, also known as the American Rescue Plan, provides financial assistance to eligible individuals, families, and households. To receive the third stimulus check, you must meet certain eligibility requirements. These requirements include:
- American citizens or residents with a valid Social Security number
- Single taxpayers with an Adjusted Gross Income (AGI) of up to $75,000
- Married taxpayers filing jointly with an AGI of up to $150,000
- Head-of-household filers with an AGI of up to $112,500
The eligibility requirements also stipulate that dependent children under the age of 17 can qualify for up to $1,400 each. However, if your AGI exceeds the limits mentioned earlier, your payment will be phased out, and you may not qualify for any payment. It’s essential to note that the IRS determines eligibility based on your 2020 tax return; if you haven’t yet filed your 2020 tax return, the IRS will use your 2019 tax return to determine your eligibility.
Possible timeline for the arrival of third stimulus checks
The third wave of stimulus checks was signed into law on March 11, 2021 as part of the American Rescue Plan Act. The payments were authorized in two phases with the first phase having already been delivered to millions of Americans through direct deposit, paper check or EIP card.
- Direct Deposit – Most people received their stimulus payments through direct deposit which started to arrive in banks accounts in mid-March 2021. The exact date of the payment depends on the bank and the IRS processing times.
- Paper Check – For those who have not provided their direct deposit information to the IRS, a paper check will be mailed to the last address on file. Paper checks started to be mailed on March 19, 2021, and it could take up to several weeks to reach their destinations.
- EIP Card – An EIP card is a prepaid debit card that the government may send to you instead of a paper check. The cards started being mailed out in mid-April.
If you have not received your third stimulus payment yet and are eligible, you can check the status of your payment through the IRS’ “Get My Payment” tool.
It is important to note that not everyone is eligible for the third stimulus payment, as income limits have been lowered from the previous rounds. Individuals earning $80,000 and couples making $160,000 or more will not receive any payment.
Overall, most individuals should expect to receive their third stimulus payment either through direct deposit or by mail by the end of April 2021, but it is important to be patient with processing times and keep an eye on their status through the “Get My Payment” tool.
| Payment method | Timing |
|---|---|
| Direct deposit | Mid-March 2021 |
| Paper check | Starting March 19, 2021, up to several weeks delivery time |
| EIP card | Started being mailed out in mid-April |
Don’t forget to keep an eye on your mail and review your bank statements regularly in the coming weeks to see if you have received your payment or any other important updates from the IRS related to your stimulus payment.
Differences between the previous stimulus checks and the third stimulus check
The third stimulus check differs in several ways from the previous two payments. Here are some key differences:
- The payment amount: While the first and second stimulus checks were for up to $1,200 and $600, respectively, the third stimulus check is up to $1,400 per eligible person. This means that a family of four, for example, could receive up to $5,600.
- Eligibility criteria: The eligibility criteria for the third stimulus check is also different from the previous two payments. For instance, dependents who are 17 years old or older are eligible for the third stimulus check. Additionally, more individuals who are considered nonresident aliens may become eligible for the third stimulus check.
- Income thresholds: The income threshold to receive the full payment amount for the third stimulus check is different from the previous rounds. This time, individuals with an adjusted gross income (AGI) of up to $75,000 ($150,000 for married couples filing jointly) will receive the full amount. Payments will phase out for individuals with an AGI above $75,000 (or $150,000 for married couples filing jointly) and will phase out completely for individuals with an AGI of $80,000 or above ($160,000 for married couples filing jointly).
For a more comprehensive breakdown of the differences between the previous stimulus checks and the third stimulus check, take a look at the table below:
| First stimulus check | Second stimulus check | Third stimulus check | |
|---|---|---|---|
| Maximum payment amount per eligible person | $1,200 | $600 | $1,400 |
| Payment amount per dependent child | $500 | $600 | $1,400 (for dependents of any age) |
| Eligibility criteria for dependents | Dependents had to be under 17 years old to qualify | Dependents had to be under 17 years old to qualify | Dependents of any age qualify |
| Eligibility criteria for ‘nonresident aliens’ | Nonresident aliens did not qualify | Nonresident aliens did not qualify | Some nonresident aliens may qualify |
| Income threshold to receive full payment | Up to $75,000 (or $150,000 for married couples filing jointly) | Up to $75,000 (or $150,000 for married couples filing jointly) | Up to $75,000 (or $150,000 for married couples filing jointly) |
| Income threshold to receive partial payment | AGI between $75,000 and $99,000 ($150,000 and $198,000 for married couples filing jointly) | AGI between $75,000 and $87,000 ($150,000 and $174,000 for married couples filing jointly) | AGI between $75,000 and $80,000 ($150,000 and $160,000 for married couples filing jointly) |
| Income threshold to receive no payment | AGI of $99,000 or above ($198,000 or above for married couples filing jointly) | AGI of $87,000 or above ($174,000 or above for married couples filing jointly) | AGI of $80,000 or above ($160,000 or above for married couples filing jointly) |
It’s important to note that these differences may impact whether or not you are eligible for the third stimulus check. Make sure to review the criteria and income thresholds carefully to determine if you are eligible for the full payment, a partial payment, or no payment at all.
Impact of the Third Stimulus Check on the Economy
The third stimulus check is expected to have a significant impact on the economy as it will provide financial relief to millions of Americans who have been struggling due to the pandemic. Here are some of the ways in which the third stimulus check will impact the economy:
- Increased consumer spending: With more money in their pockets, Americans are likely to increase their spending on goods and services, which will boost the economy. According to the Bureau of Economic Analysis, consumer spending accounts for about 70% of the U.S. economy, so any increase in spending can have a significant impact.
- Support for small businesses: The third stimulus check will also provide some relief to small businesses that have been struggling due to the pandemic. As consumers increase their spending, small businesses are likely to see an uptick in sales, which will help them stay afloat.
- Reduction in poverty: The third stimulus check will provide financial relief to millions of Americans who have been struggling to make ends meet. This will help reduce poverty levels, which will have a positive impact on the economy as a whole.
In addition to these impacts, the third stimulus check will also provide some relief to state and local governments, which have been struggling due to the pandemic. These governments have been facing budget shortfalls due to a decrease in tax revenue, and the third stimulus check will provide some much-needed relief.
How the Third Stimulus Check Compares to the First Two
The third stimulus check is larger than the first two, with eligible Americans receiving up to $1,400. The first stimulus check, which was passed in March 2020, provided eligible Americans with up to $1,200, while the second, which was passed in December 2020, provided up to $600.
In addition to the larger amount, the third stimulus check also includes more eligibility requirements. For example, dependents of all ages are eligible for a payment, while only dependents under the age of 17 were eligible for the first two stimulus checks.
What the Experts Say
Many economists believe that the third stimulus check will have a positive impact on the economy. According to Mark Zandi, chief economist at Moody’s Analytics, “The $1.9 trillion stimulus package is exactly what the economy needs to get back on its feet.” Zandi also predicts that the third stimulus check will help create millions of jobs and reduce the unemployment rate.
However, some economists are concerned that the third stimulus check may lead to inflation if too much money enters the economy at once. They argue that this could cause prices to increase, which could make it more difficult for Americans to make ends meet in the long run.
| Pros | Cons |
|---|---|
| Increased consumer spending | Potential for inflation |
| Support for small businesses | Increased government debt |
| Reduction in poverty | Some Americans may save rather than spend the money |
Overall, the third stimulus check is expected to have a positive impact on the economy, though there are also some concerns about the potential for inflation and increased government debt. Nevertheless, many Americans are eagerly anticipating the arrival of their stimulus checks, which will provide much-needed relief during these challenging times.
Strategies for maximizing the benefits of the third stimulus check
As the third round of stimulus checks is on its way, many people are wondering how they can make the most of this financial aid. Here are some strategies to help you maximize the benefits of the third stimulus check:
- Pay off outstanding debts: If you have any outstanding debts, consider using the third stimulus check to pay them off. This will help you improve your credit score and reduce your financial burden in the future.
- Boost your emergency fund: Building an emergency fund is crucial for financial stability. Use a portion of your stimulus check to set up or boost your emergency fund. Experts recommend setting aside three to six months of living expenses.
- Invest in yourself: Consider investing in yourself by enrolling in an educational course, buying books or equipment for a new hobby or skill, or attending a conference or seminar that will help you improve your career prospects.
Another way to maximize the benefits of the third stimulus check is to understand how much you will be receiving and when you can expect it. The following table outlines the eligibility criteria and payment schedule for the third stimulus check:
| Eligibility | Payment amount | Payment schedule |
|---|---|---|
| Individuals with an AGI of up to $75,000 | $1,400 | Payments began in March 2021 |
| Married couples with an AGI of up to $150,000 | $2,800 | Payments began in March 2021 |
| Head of households with an AGI of up to $112,500 | $1,400 | Payments began in March 2021 |
| Individuals with an AGI between $75,000 and $80,000 | Gradually reduced to zero | Payments began in March 2021 |
| Married couples with an AGI between $150,000 and $160,000 | Gradually reduced to zero | Payments began in March 2021 |
| Head of households with an AGI between $112,500 and $120,000 | Gradually reduced to zero | Payments began in March 2021 |
By understanding the eligibility criteria and payment schedule for the third stimulus check, you can plan how to best use your funds and maximize its benefits.
Common issues that may delay the receipt of the third stimulus check
If you’re wondering when should I expect my third stimulus check, keep in mind that several factors may delay its arrival. Here are some of the common issues that can affect the timing of your payment:
- Incorrect or outdated information: If the IRS does not have your latest address or banking information, this can cause delays in the delivery of your payment.
- Processing errors: If there is an error on your tax return or other information submitted to the IRS, this could delay the processing of your stimulus check.
- Identity verification: If the IRS is unable to verify your identity due to missing or incorrect information, this may slow down the processing of your payment.
In addition to these general issues that may affect the delivery of your stimulus check, there are also specific situations that could lead to delays. For example:
If you’re a non-filer or receive Social Security, SSI, SSDI, or Railroad Retirement benefits, you may experience delays if the IRS does not have your latest information. Additionally, if you recently filed your taxes or changed your banking information, this could also affect the arrival of your payment.
| Situation | Potential delay |
|---|---|
| Non-filers | May experience delays if the IRS doesn’t have up-to-date information |
| Social Security, SSI, SSDI, or Railroad Retirement benefit recipients | May experience delays if the IRS doesn’t have up-to-date information |
| Recent tax filers or recent bank change | May experience delays if processing and verification of information takes longer than expected |
It’s important to note that while these delays are possible, they do not necessarily mean that you will not receive your stimulus payment. If you are eligible for a third stimulus check, you will eventually receive it. If you’re wondering when should I expect my third stimulus check, keep an eye on the status of your payment using the IRS’ online tool, Get My Payment.
Overview of the distribution process for the third stimulus check
If you’re eagerly waiting for your third stimulus check, you’re not alone. After the rollout of the first two rounds of stimulus payments, the Internal Revenue Service (IRS) has now started distributing the third round of stimulus checks to eligible Americans.
But how does the distribution process for the third stimulus check work? Here are the details you need to know:
Who is eligible for the third stimulus check?
- The third stimulus check is available to eligible individuals, married couples, and dependent children.
- To qualify for the third stimulus payment, you must meet certain income requirements.
- The income eligibility limit for the third stimulus check is $80,000 for individuals and $160,000 for married couples filing jointly.
- Eligible taxpayers will receive a full payment of $1,400, while dependents under the age of 17 will receive $1,400 each.
How are the third stimulus payments being distributed?
The third round of stimulus checks is being distributed via direct deposit, paper checks, and prepaid debit cards.
The IRS has initially distributed payments to eligible Americans who have provided their direct deposit information on their tax returns or non-filer forms. If the agency doesn’t have your direct deposit information, you’ll either receive a paper check or a prepaid debit card in the mail.
When should you expect your third stimulus check?
If you’re eligible for the third stimulus check and the IRS has your direct deposit information, you may have already received the payment in your bank account. For those receiving paper checks or prepaid debit cards, the IRS began mailing out payments in mid-March 2021.
| Last two digits of your Social Security number | Estimated payment date (for paper checks and prepaid debit cards) |
|---|---|
| 00-09 | March 26, 2021 |
| 10-18 | April 2, 2021 |
| 19-25 | April 9, 2021 |
| 26-38 | April 16, 2021 |
| 39-51 | April 23, 2021 |
| 52-64 | April 30, 2021 |
| 65-77 | May 7, 2021 |
| 78-89 | May 14, 2021 |
| 90-99 | May 21, 2021 |
If you haven’t received your payment yet, you can check the status of your payment using the IRS’s “Get My Payment” tool on their website.
The distribution of the third stimulus checks is expected to continue in the coming weeks, so if you’re eligible for the payment and haven’t received it yet, don’t worry – it should arrive soon.
When Should I Expect My Third Stimulus Check?
1. When will the third stimulus checks be sent out?
The IRS has already started sending out the third round of stimulus checks, with many Americans already receiving their payments in their bank accounts.
2. How much will the third stimulus check be?
The third stimulus check is up to $1,400 per individual, with additional funds for dependents.
3. Will I qualify for the third stimulus check?
Individuals with an adjusted gross income of less than $75,000 and married couples with an adjusted gross income of less than $150,000 will qualify for the full payment.
4. How will I receive my third stimulus check?
Most Americans will receive their third stimulus check via direct deposit, while others will receive a paper check or prepaid debit card.
5. Will the third stimulus check be taxed?
No, the third stimulus check will not be taxed as it is considered a tax credit.
6. Can I track my third stimulus check?
Yes, you can track the status of your third stimulus check using the IRS “Get My Payment” tool on their website.
Closing Thoughts
We hope this article has provided you with helpful information on when to expect your third stimulus check. Remember to check the IRS website for updates and use their tracking tool to see the status of your payment. As always, thank you for reading and be sure to visit again for more helpful content.