With the newest set of IRS stimulus checks going out this weekend, you may be wondering how they are different than the first two. Here’s what you need to know.
United States President Joe Biden signed the new $1.9-trillion COVID-19 relief package on Thursday. As a result, the processing of the new round of stimulus checks is already underway. So if you haven’t yet, be sure to check your bank account to see if you received your funds from the IRS via direct deposit.
For those wondering how much you can expect to get, keep reading. We’ve got you covered.
Qualifying individuals can expect to receive $1,400, while married couples can expect to double that at $2,400 plus an additional $1,400 per dependent. That would mean that a family of four would be receiving $5,600.
So how do these latest checks differ from the first two rounds of payments? Well for starters, each of the different rounds of payments has differed based on who qualifies and for how much.
The latest relief package containing the third round of economic-impact payments was passed on party-line votes in both the House and the Senate. If you may remember, the first round of payments passed last spring. Those provided up to $1,200 for qualifying individuals. Meanwhile, the second round of payments passed in December, providing up to $600 per individual.
Differences Between the Three IRS Stimulus Rounds
There are without a doubt some key differences between the three rounds of stimulus payments that we’ve seen pushed out by the government.
By this point, it goes without saying that this latest check is the biggest one yet. It’s also more generous in that it will be more inclusive to different dependent situations and families with mixed-status citizenship.
For example, the latest round of payments will be providing households with $1,400 checks for each adult, child, and adult dependent. This includes college students and elderly relatives. Adult dependents were not eligible to receive payments during the previous two rounds of stimulus checks. Similarly, dependents over age 16 didn’t qualify for the first and second checks as well.
As for families with mixed-status citizenship, the new bill requires just one member to have a Social Security number. This opens up the door to include families with citizen children and non-citizen parents. As part of the CARES Act from last March, those who were not US citizens weren’t able to receive a check, even if their spouse or children were citizens.
Overall, it seems like the third round of checks is bringing eligible families more money. And while some people have already gotten their $1,400 direct deposits from the IRS, there are others who are still waiting. If that is you, be sure you qualify and head over to the IRS “Get My Payment” website on Monday, March 15, to track the status of your payment.