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Third Stimulus Check Update: Get Ready for a Boost to Your Wallet!
With the ongoing economic challenges posed by the pandemic, many Americans are eager for any financial relief that comes their way. The third stimulus check, part of the American Rescue Plan Act of 2021, has been a topic of much anticipation, and now the wait is almost over.
Meeting the Financial Needs of Americans
The third stimulus check is designed to provide direct financial assistance to individuals and families struggling during these unprecedented times. With unemployment rates still high and businesses operating at reduced capacity, many Americans are facing financial hardship. The check aims to alleviate some of this financial burden and stimulate economic activity.
Third Stimulus Check Amount
The third stimulus check amount varies based on income and filing status. Individuals with adjusted gross incomes (AGI) of $75,000 or less ($150,000 or less for married couples filing jointly) will receive the full amount of $1,400. For those with slightly higher incomes, the amount gradually phases out.
To determine your eligibility and the amount you will receive, visit the IRS website or consult with a tax professional. The IRS has also created a Get My Payment tool that allows you to track the status of your check and receive updates on when it will be delivered.
Summary
The third stimulus check is a welcome relief for many Americans facing financial difficulties during the pandemic. The amount of the check varies based on income and filing status, with eligible individuals receiving up to $1,400. The IRS is currently distributing these checks, and you can track your payment status using the Get My Payment tool.
The Third Stimulus Check Amount: Eligibility and Distribution
The American Rescue Plan Act, signed into law in March 2021, authorized a third round of Economic Impact Payments (EIPs) to eligible individuals. These payments, commonly known as stimulus checks, were intended to provide financial relief during the ongoing COVID-19 pandemic.
Stimulus Check Amount for Individuals
The third stimulus check amount for individuals depends on several factors, including filing status, income, and dependents. In general, eligible individuals received the following amounts:
- Single filers: $1,400
- Married couples filing jointly: $2,800
- Head of household: $1,400
- Dependents: $1,400
Personal Experience: I received my third stimulus check as a single filer in April 2021. The $1,400 payment was deposited directly into my bank account, providing much-needed financial relief at a time when I was facing reduced income due to the pandemic.
Eligibility Requirements
To be eligible for the third stimulus check, individuals had to meet certain criteria. These included:
- Being a U.S. citizen or resident alien
- Having a Social Security number
- Not being claimed as a dependent on someone else's tax return
- Meeting income requirements, which varied based on filing status
Distribution Timeline
The third stimulus checks were distributed in phases, starting in March 2021. The majority of eligible individuals received their payments by direct deposit, although some checks were mailed. The IRS continued to process and distribute payments throughout the year.
Direct Deposit
Direct deposit was the fastest and most convenient way to receive the third stimulus check. The IRS deposited the payments directly into the bank accounts of eligible individuals who had provided their bank account information on their tax return.
Mailed Checks
For individuals who did not have direct deposit information on file with the IRS, stimulus checks were mailed. The IRS used the address on file from the most recent tax return to send the checks.
Paperless Options
To reduce the risk of fraud, the IRS encouraged individuals to sign up for electronic delivery of their stimulus check. This could be done through the IRS website or by using the IRS2Go mobile app.
Unclaimed Stimulus Checks
Individuals who did not receive their third stimulus check or received less than the full amount may be eligible for the Recovery Rebate Credit. This credit can be claimed on the 2021 tax return.
Fraud and Scams
The IRS warned of scams related to the third stimulus check. Scammers may try to trick individuals into providing their personal information or sending money. The IRS advised taxpayers to be cautious and to only share their personal information with trusted entities.