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Third Stimulus Check: $1400 per person. Expanded eligibility & Payment Timing

Third Stimulus Check: $1400 per person. Expanded eligibility & Payment Timing

Americans became even closer to receiving the next stimulus checks. The House of Representatives & Senate have approved President Biden’s $1.9 trillion COVID relief plan. This bill provides direct payments of $1,400 to many Americans. If President Biden signs the relief bill soon the check should begin rolling out by the end of the month.

An eligible family of four would receive $5,600, more than they were eligible for in the prior stimulus payments.

When Will the Third Stimulus Checks Arrive?

The first checks / direct deposits should begin on March 15th weekend, according to Press Secretary Jen Psaki.

To check on the status you can call the IRS (+12679411000 & +12679411099) to ask if the check was mailed, or wait for the stimulus payment to be received when you file your 2021 tax return.

Who is eligible for the third stimulus check?

Millions of Americans who were eligible for the second stimulus payments could qualify for the $1,400 checks. But there were some changes and now high-earning taxpayers might not be eligible for the third stimulus payment. However, there is an expansion in eligibility for dependents. Taxpayers with dependents stand to receive $1,400 for each eligible dependent, more than double the amount they qualified for in prior stimulus payments. As an example, an eligible family of four would receive $5,600.

The American Enterprise Institute estimates that as many as 26 million more people will now be eligible for a payment because of the change in dependent eligibility.

On the flipside, the Senate narrowed income eligibility (higher income taxpayers are excluded) and the following taxpayers will be excluded:

  • Individuals phase out between $75,000 and $80,000;
  • Heads of household (HOH) phase out between $112,500 and 120,000;
  • Couples filing jointly (MFJ) phase out between $150,000 and $160,000.

To learn more about the relief payments check out our guide on stimulus checks and what’s changed from last year.

Also, make sure to check the following article: IRS Provides American Rescue Plan Guidance: Do Not File Amended Returns.

How does the IRS calculate eligibility for the third stimulus package?

To calculate the stimulus payment the IRS will use the information about your income from the 2019 tax return if your 2020 tax return isn’t filed and processed yet. 

The payment also depends on how many dependents you have, if you file separately or jointly, and on your gross adjusted income (AGI). 

There is one more thing that the government is trying to do: to target the households that need money the most and to support businesses during the hard times. 

What else is new? All dependents (no matter how old they are) can qualify for an additional $1,400 payment. For example, elderly relatives and college students age 23 or younger can qualify for the check. 

Will mixed-status families be eligible for the third stimulus payment?

As for mixed-status couples, they are eligible for the third stimulus payment as well as were eligible for the second stimulus check retroactively. To qualify for the payment one of the household members should have a Social Security number (SSN). 

I’m an expat. Can I receive the third stimulus payment?

The short answer is yes, you can. 

If you are an expat make sure to read our article on how to get the stimulus payment while being abroad. Or just contact our team of experts, and they’ll do everything for you and maximize your deductions, too.  

Ines Zemelman, EA
Founder of TFX