When will I get my third stimulus check? IRS begins sending first round of $1,400 COVID-19 relief payments this weekend

Jessica Menton
 
| USA TODAY
2020 taxes: Do you owe taxes on stimulus checks or unemployment?Because of the coronavirus pandemic, 2020 may be a tax year like no other. Here are answers to some of your top questions.USA TODAYThe third round of stimulus checks will start hitting bank accounts for eligible Americans as soon as this weekend, the IRS said late Friday.“Following approval of the American Rescue Plan Act, the first batch of payments will be sent by direct deposit, which some recipients will start receiving as early as this weekend, and with more receiving this coming week,” the IRS said in a statement. In fact, the payments have already arrived for some people just one day after President Joe Biden signed the legislation into law. In the coming weeks, more batches of payments will be sent via direct deposit and through the mail as a check or debit card, according to the agency. Some people may see the direct deposit payments as “pending” or as provisional payments in their accounts before the official payment date of March 17, the IRS added. Who gets a third stimulus check?: Your COVID-19 relief questions, answeredUnemployment taxes: Jobless Americans get a tax waiver of up to $10,200 on unemployment benefitsThe IRS announcement confirms what the Biden administration had said Thursday that people would start seeing direct deposit of the checks as soon as this weekend.Social Security and other federal beneficiaries will generally receive this third payment the same way as their regular benefits, the IRS said. A payment date for this group is expected to be announced soon. On Monday, people can check the “Get My Payment” tool on IRS.gov to see the payment status of their payment.The third round of Economic Impact Payments will be based on a taxpayer’s latest processed tax return from either 2020 or 2019. That includes anyone who used the IRS non-filers tool last year, or submitted a special simplified tax return. If the IRS received and processed a taxpayer’s 2020 return, the agency will make the calculation based on that return instead.For those who received the first two stimulus checks, but didn’t receive a payment via direct deposit, they will receive a check or a prepaid debit card.The payments would amount to $1,400 for a single person or $2,800 for a married couple filing jointly, plus an additional $1,400 for each dependent child. Individuals earning up to $75,000 would get the full payments, as would married couples with incomes up to $150,000. Payments would decline for incomes above those thresholds, phasing out above $80,000 for individuals and $160,000 for married couples. The third stimulus payment isn’t restricted to children under 17 like the first two rounds. Eligible families will get a $1,400 payment per qualifying dependent claimed on their tax return, including college students, adults with disabilities, parents and grandparents.Under the American Rescue Plan relief package, the third stimulus check can’t be offset to pay past-due federal debts or back taxes.


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