The IRS is now sending the third round of stimulus checks, in accordance with the Rescue Plan Act of 2021. This was signed into law on March 11th, 2021. The final vote came down to 50-50 as Vice-President Kamala Harris cast the tie-breaking vote. Within a few days, over 90 million people have received their stimulus directly deposited into their bank account.
When I took office, I promised help was on the way. Thanks to @SenSchumer and Senate Democrats, we've taken one more giant step forward in delivering on that promise.
— President Biden (@POTUS) March 6, 2021
I hope the American Rescue Plan receives a quick passage in the House so it can be sent to my desk to be signed.
How Much Are Stimulus Checks
The amount of each checks start at $1400. The payments start declining for an individual once adjusted gross income exceeds $75,000 and go to zero once income hits $80,000. The payment starts declining for married couples when income exceeds $150,000 and goes to zero at $160,000. Unlike the first and second round of checks, payments for dependents in the third round are not restricted to only children under 17.
Also, USA is experimenting with guaranteed income for those making under $7,500 per year. They will get guaranteed $300 per month per child. A resent experiment giving residents $500 per month to track spending resulted in 99% of the money going to food, utilities, car costs and clothing. Less than 1% went to alcohol and tobacco.
How to Check Your Stimulus Check Status?
The “Get My Payment” tool on the IRS.gov website went live on Saturday and can help track your payment and check the status of your money.
What If You Don't Have a Bank Account?
If you do not have a bank account and don’t wish to open one, the IRS can mail you an Economic Impact Payment Card, which functions like a debit card. If you're homeless, you can go to a tax return office (like H&R Block) and file a EIP return. They will put the $1,400 on a debit card.
If you have the time to go to homeless camps and help them signup, please do so. $1,400 in the hands of every homeless person is life-changing. If you are still missing any of the three stimulus checks, then, click here for how to report a missing stimulus check.
Quick File for Your Taxes
If you haven't filed taxes in the last two years, then the IRS has setup a special website for you to quickly file your taxes online. The IRS has two paths for free filing. One path if you make under $69,000 and another for those making above $69,000. Click the link below for options and forms for filing your taxes.
Click Here to File Your Federal Taxes for Free
What if You Moved Since Filing?
If you have moved to a new address since filing your 2018 or 2019 taxes, then you need to submit a change of address right away so your stimulus check arrives at the right address. Click the link below to access the change of address form:
Recommended: Click Here for Change of Address Forms for the IRS
