The Third Stimulus Check Has Been Sent to many. Are You Among Them To Get the $1,400?

third stimulus check
third stimulus check

$242 billion has already been dispatched and has hit banks. This was revealed by the IRS and the Treasury Department. Here is a look at the initial batch that received it. Check if you are among those who have already received their third stimulus check? You will also get to know how you can track your stimulus payment if you haven’t as more stimulus payments are set to enter your bank in the upcoming days.

The number will in all probability cover over 50% of the families eligible for the third stimulus check. This payment is part of the $1.9 billion COVID-19 relief bill that was signed by President Biden last week. Most of the payments, around 90 million payments, were sent by direct deposits into accounts. Around $242 billion was dispatched through the direct transfer method.

You can access your payment this Wednesday. Around another 150,000 account holders will receive the third stimulus check by mail through the US postal department. They are worth $442 million. These will be in the form of prepaid cards and paper checks.

A majority of households and individuals do not have to do anything to access their stimulus payment. If you are among those who receive Veteran Affairs assistance or are a Social Security beneficiary, the third stimulus check will invariably come in.

Who Got The Third Stimulus Checks First?

The first round of payments was dispatched out to taxpayers who gave out their bank details in their tax returns in either 2019 or 2020. Some people made use of a non-filer tool last year at the site, irs.gov to be added to the beneficiaries of the previous two rounds of payments. If you are among these two groups, you should receive your third stimulus check automatically. The White House said that the payments should reach an estimated 85% of household

This payment will help tide over the crisis faced by most American households affected by the pandemic. The first stimulus check was $1,200 followed by the second in December 2020 at $600.

How Do You Keep Track Of The Third Stimulus Check?

The tool ‘Get My Payment,’ first launched during the first stimulus payment was again activated on the website of IRS. This will enable Americans to keep track of their third stimulus check. It is updated once every day.

What Does ‘Payment Status Not Available’ Indicate?

third stimulus check
third stimulus check

If the IRS stimulus tracker shows ‘Payment Status Not Available’ it could mean either one of the three possibilities. You are ineligible for the third stimulus check. Or it could mean that your payment has not been processed yet. The third possibility is that the IRS is yet to process your stimulus payment.

The economic impact payment will continue through 2021.

How Do I Know If I Am Eligible For The Check?

Under the American rescue plan, every individual and their dependents of all ages are eligible to receive $1,400 in the thirst stimulus check. The whole amount will go out to people whose annual income is below $75,000. it will keep going down with each increase in income and those earning above $80,000 will not receive the third stimulus check. In the case of married couples, the corresponding figures are $150,000 and phases out at $160,000. So a family consisting of four members will receive a maximum of $5,600 if they qualify.

Do Elderly Dependents And College Students Qualify For The Third Stimulus Check?

Dependents may include elderly and disabled relatives and college students, unlike during the previous rounds of stimulus payments when payments were restricted to children below 17.

If you are a dependent, payments will not be credited to you but to the individual claiming you.

When Can You Expect Your Third Stimulus Check If You Receive SSI

If you are availing of Social Security or similar federal benefits, a date has been set by the IRS. But IRS has also stated that such recipients will similarly receive their payment as other recipients.

For those who receive RRB, SSI, SSA, or VA remuneration through Direct Express cards, the third stimulus check will be credited through the same process. They might not be regular tax filers.

How Does IRS Determine If You Will Get The Third Stimulus Check?

The IRS let out through a website the method of determining who gets the stimulus payments as part of the American Rescue Plan. If you have submitted your tax returns for 2020, that will be the basis of all the information required by the IRS. If you have yet to do so, the 2019 return will be the basis to determine your eligibility and the amount.

If you have filed through the ‘non-filer portal’ in previous rounds, you still qualify. So payments will be sent through direct deposit. In case the IRS doesn’t have your details, they will send it through the mail by debit cards or paper checks.

You do not owe any amount if your income in 2019 was below your earnings in 2020. But you ought to file your returns if your earnings were less in 2020. This will enable you to get a larger third stimulus check.

Can Your Check Be Seized By Creditors Or Banks

The rule is the same as in the two previous rounds of stimulus payment. The federal government will not garnish this amount. But there is the possibility that private companies may be legally entitled to deduct from the compensation.

What Do You Do If You Haven’t Received The First Two Rounds Of Payments?

third stimulus check
third stimulus check

If you are eligible but did not receive the first two rounds of stimulus payments, you have to claim a Recovery Rebate Credit. You will also need to file the tax return for 2020, even if you are not required to do so. Many people missed out on the stimulus payments for various reasons. The numbers are significant as 8 million people missed out on the first stimulus payment.

Most people were from the low-income group who do not require to file returns. The IRS used a portal previously for such individuals. But this time around, the authorities have encouraged citizens to file the tax return for 2020. But people with low-income can avail themselves of the free filing option of the IRS.

The amount is $2,000, the amount the current President had originally called for less than $600 given in December 2020. It is only about time as it is being thought by the experts that stimulus check amounts would be despatched in their entirety. As the Biden government takes charge of the US economy, the eyes remain of the relief payments beings sent to the families like it was promised. After numerous people missed out on the previous checks, it is considered that it would not be the same fate this time around. 

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