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Stimulus Check 3: All You Need to Know
The third round of stimulus checks, also known as Economic Impact Payments or EIPs, provided much-needed financial relief to millions of Americans during the COVID-19 pandemic. But how much was the 3rd stimulus check? Let's dive into the details.
Many individuals and families faced financial hardships due to the economic downturn caused by the pandemic. The third stimulus check aimed to mitigate these challenges by providing direct cash payments to eligible recipients.
The amount of the third stimulus check varied based on factors such as income and filing status. For individuals, the maximum payment was $1,400, while married couples filing jointly received up to $2,800. Dependents under the age of 18 were also eligible for payments of $1,400 each.
In summary, the third stimulus check provided financial assistance to eligible Americans during the COVID-19 pandemic. Individuals received payments of $1,400, married couples filing jointly received $2,800, and dependents under 18 received $1,400. These payments played a crucial role in supporting households and stimulating the economy during challenging times.
How Much Was the 3rd Stimulus Check?
The American Rescue Plan Act of 2021, signed into law on March 11, 2021, authorized the third round of stimulus checks. These payments were intended to provide economic relief to individuals and families struggling during the COVID-19 pandemic.
Check Amount
The amount of the third stimulus check varied depending on several factors, including filing status, income, and dependents. Most eligible individuals received $1,400, while eligible couples filing jointly received $2,800. Additional payments of $1,400 were provided for each eligible dependent.
Income Eligibility
To be eligible for the full amount of the third stimulus check, individuals must have had an adjusted gross income (AGI) of $75,000 or less ($150,000 or less for married couples filing jointly). The amount of the check was gradually reduced for individuals with AGIs between $75,000 and $80,000 ($150,000 and $160,000 for married couples), and phased out completely for individuals with AGIs above $80,000 ($160,000 for married couples).
Dependent Eligibility
Eligible dependents included children, stepchildren, foster children, and other qualifying relatives claimed on the taxpayer's tax return. Each eligible dependent entitled the taxpayer to an additional $1,400 payment.
Payment Timeline
The IRS began issuing the third stimulus checks in March 2021. The majority of eligible individuals received their payments by direct deposit within several weeks of the law being signed. Paper checks and prepaid debit cards were mailed to those who did not have direct deposit information on file with the IRS.
Personal Experience
I received my third stimulus check via direct deposit on March 20, 2021. The $1,400 payment was a significant financial relief during a challenging time. I used the money to pay down some debt and make essential purchases for my family.
Economic Impact
The third stimulus check provided much-needed assistance to individuals and families across the country. The payments helped boost consumer spending and stimulate the economy. According to a study by the Center on Budget and Policy Priorities, the third stimulus check prevented approximately 12 million people from falling into poverty.
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