July 26, 2021

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3rd stimulus check update: IRS updates Get My Payment tool; see when you’ll get paid – syracuse.com

5 min read

When will I get my stimulus check? How much? Some Americans have already started receiving direct payments of up to $1,400 per person, and others can see when they’ll get paid soon.

The IRS updated its Get My Payment tool on Sunday, allowing users to check the status of their stimulus checks. To check your “2021 Economic Impact Payment,” visit https://www.irs.gov/coronavirus/get-my-payment and fill out your info, including Social Security Number, birthdate, address and zip code.

The Get My Payment site wasn’t expected to be updated until Monday, but some social media users reported being able to see their payment status on Sunday afternoon. After entering your information, messages include “A payment has been processed” (with a date for scheduled direct deposit), “payment status not available” (it hasn’t been processed yet or you may not be eligible), and “need more information” (if your address or other details haven’t been updated).

You also may be locked out of the Get My Payment site for 24 hours if the info you provide doesn’t match IRS records.

President Joe Biden signed his $1.9 trillion Covid-19 relief bill Thursday, before the current round of unemployment assistance and other coronavirus aid would expire on March 14. The package, also known as the American Rescue Plan, includes extended unemployment benefits, an increased Child Tax Credit, and direct payments worth up to $1,400.

How much will I get?

The full $1,400 payments will go to individuals with incomes of up to $75,000 (phasing out until $80,000) and heads of household earning up to $112,500 (phasing out until $120,000). Married couples earning up to $150,000 (phasing out until $160,000) will be eligible for $2,800. Payments will phase out at a 5% reduction for every dollar of income greater than the income limit.

Roughly 85% of U.S. adults would be eligible for the full amount, based on your adjusted gross income (AGI) from your most recent tax return (2019 or 2020).

Combined with the $600 stimulus checks approved by President Donald Trump in December, the package would mean $2,000 in direct payments to most Americans.

What about dependents?

Parents will also receive $1,400 per dependent, instead of $600 in the first two rounds, and this third round of checks will include eligible adult dependents for the first time.

The previous two rounds were limited to children under age 17, so parents with college-age students or people who claim elderly people and individuals with disabilities as a dependent will be able to receive extra money in the third round.

Altogether, a family of four could receive $5,600 — a huge increase from the first two rounds of stimulus checks.

When will I get my stimulus check?

“People can expect to start seeing direct deposits hit their bank accounts as early as this weekend,” White House press secretary Jen Psaki said Thursday, after Biden signed the bill.

The first round of checks took weeks to begin arriving, even via direct deposit, but millions received the second round within days and will also receive the third round quickly if they have already verified their bank information on the IRS “Get My Payment” site.

Some Americans with direct deposit have already reported seeing their stimulus checks, while others will get their payment in the coming days. Those who receive paper checks or debit cards would likely get their payments later this month or next month.

Psaki said Tuesday that Biden’s signature will not appear on the printed checks, avoiding the delays that occurred when Trump put his name on the first round of direct payments.

“His focus was on getting them out as quickly as possible,” Psaki said. “We are doing everything in our power to expedite the payments and not delay them, which is why the President’s name will not appear on the memo line of this round of stimulus checks… This is not about him. This is about the American people getting relief, almost 160 million of them.”

Who’s eligible for a stimulus check?

To qualify for a relief check, you have to be a U.S. resident with a social security number. Certain people who didn’t file taxes in 2019 or 2020 may still receive a payment.

Prisoners will be allowed to receive the third round of stimulus checks, just like the first two rounds.

Immigrants with green cards or certain work visas are also eligible, but nonresidents, temporary workers and undocumented immigrants are not.

Child Tax Credit

Parents can also expect to receive money through the new Child Tax Credit, worth $3,000 per child ages 6 to 17 and $3,600 for children under age 6. The credit, based on taxpayers’ 2020 income, would normally be a lump sum on an individual or family’s income tax return but will instead be delivered as a monthly payment from the IRS for $250 or $300, depending on the child’s or children’s age, for a full year to help families affected by the pandemic.

The current child tax credit, from the Tax Cuts and Jobs Act of 2017, provides $2,000 per child under 17 for single filers with incomes of $200,000 or less and couples filing jointly with $400,000 of adjusted gross income or less.

Stimulus check calculator

Use this Omni calculator to see how much your stimulus check will be:

Is stimulus check taxable?

No, Economic Impact Payments are not taxable and you do not have to pay income taxes on them. They are considered tax credits, not income, so you will not have to report them as income when you file your tax returns in 2021 (or for the third payment next year). Any tax refund you are owed this year or next will not be reduced because of the stimulus checks you received.

What else is in the new coronavirus relief bill?

The American Rescue Plan includes expanded unemployment benefits through Sept. 6 at $300 a week (the first $10,200 of jobless benefits would be non-taxable for households with incomes under $150,000); $60 billion towards Covid-19 testing and vaccine distribution; $130 billion to help schools reopen safely; $25 billion to help bars and restaurants; $7.25 billion for the Paycheck Protection Program; $350 billion in emergency funding for state, local and territorial governments; and $30 billion to help low-income households and the unemployed afford rent and utilities.

The Senate made some changes to the original package, including dropping a proposed $15-per-hour minimum wage hike, reducing unemployment benefits to $300 a week (down from $400 previously approved by the House), and limiting some eligibility for stimulus checks; fewer people will receive partial payments than an earlier version that would have phased out payments for individuals making up to $100,000, and couples making up to $200,000.

The first round of stimulus checks, which gave qualifying American adults a one-time direct payment of $1,200 plus $500 for each child under the age of 17, was part of Congress’ $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in March 2020. A second round of stimulus checks worth $1,200 was approved in the HEROES Act in May, but legislation stalled for months and the December package cuts those direct payments in half.

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