Stimulus Check Round Three officially kicks off this weekend. This is when the Internal Revenue Service will begin direct deposits, so check your bank accounts to see if you’re one of the fortunate people high on the money list.
“This is, of course, just the first wave,” White House spokesperson Jen Psaki said Friday in a briefing with reporters. She added “payments to eligible Americans will continue throughout the course of the next several weeks.”
The top individual amount for the checks is $1,400. Combined with the $600 stimulus checks deposited or sent via mail since December, the total is $2,000, a much talked about campaign promise from a number of politicians. President Joe Biden signed the $1.9 trillion stimulus package, which was passed by Congress, Thursday afternoon.
Now, you need to see if you qualify for this stimulus check, which is the highest amount so far given by the government to help people get through the economic side of the now year-long COVID-19 pandemic.
This Stimulus Check Is Highest Of 3, See If You Qualify For Full Amount
The easiest stimulus check barometer is this one — if you’re single and you make $75,000 or less you are golden and will receive the full $1,400. The IRS bases it on your latest income tax filings. If you’ve already filed your 2020 return, then that’s the amount the IRS uses. Otherwise, the IRS will go by 2019.
And, it’s also all about your adjusted gross income, or AGI. If you made more than $75,000, but your deductions get you below $75,000 AGI, you receive the full $1,400.
The AGIs for other filers — $112,500 for a head of household and $150,000 for couples who file jointly. Each person would receive $1,400 if you meet the income range. Plus, households will receive an additional $1,400 for each dependent who was claimed on their most recent tax filings. That’s more than in previous stimulus rounds.
Now, here’s what’s different about this round of stimulus.
As a single filer, the money starts to quickly phase out if your AGI is above $75,000. If you’re still below $80,000, you’ll get a smaller amount. But if you’re above $80,000, you won’t receive anything. This was a concession to the moderate Democrats in the Senate. No Republican voted for the stimulus package in the House or Senate. In past stimulus checks, the money phased out after $100,000 for single filers.
For those filing as a head of household, you get no money if your AGI is above $120,000. Couples filing jointly cuts off at $160,000.
If you still have questions, click on this link for a calculator to determine the amount of your stimulus check.
Also, the IRS will use the banking information it has on hand for you. If you received a refund last year via direct deposit, then that’s how you’ll receive this stimulus check. If you got your refund by mail, the IRS will mail your stimulus check.
Also, you can check the IRS site for an update on your stimulus check, including when it was deposited or mailed. Click it here.