The U.S. Treasury Department says it has already sent out 90 million stimulus checks totaling $242 billion since President Joe Biden signed his $1.9 trillion Covid-19 relief plan last week.
The IRS said Wednesday that most of those payments, which started arriving in some bank accounts over the weekend, were made via direct deposit. The Treasury has also mailed out about 150,000 checks totaling $442 million.
In addition, the Treasury has mailed out roughly 150,000 checks worth about $442 million.
Processing of the payments began last Friday, the day after Biden signed the American Rescue Plan which included “Economic Impact Payments” worth up to $1,400 to help Americans struggling with the coronavirus pandemic.
To check the status of your payment, visit the IRS “Get My Payment” tool and fill out your info, including Social Security Number, birthdate, address and zip code.
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?
Most Americans have already started receiving their stimulus checks via direct deposit. Those who receive paper checks or debit cards would likely get their payments later this month or next month.
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.
You can check the status of your payment at the “Get My Payment” site here: https://www.irs.gov/coronavirus/get-my-payment
Psaki said last week 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.