Now that the Senate has passed the $1.9 trillion COVID-19 stimulus package, everyone is wanting to know how much and when they can expect the direct deposits and checks to start going out. Here's what you need to know...

The $1,400 direct cash payments will begin going out as soon as President Joe Biden signs the Covid-19 relief package into law.

The qualifications for the third round of stimulus checks are a little different, as income thresholds are a bit stricter this time. Obviously, if you haven't filed your 2020 taxes yet, then the same 2019 tax information used by the IRS for the previous two stimulus checks will once again be used for determining eligibility for the third check.

When Can I Expect a Third Stimulus Check?

As stated above, the stimulus payment process will begin when President Biden signs the Covid-19 relief bill into law. According to vox.com, President Biden is expected to sign the stimulus bill relief package "before March 14, when federal unemployment benefits are currently set to expire."

If the expected schedule plays out as described above, direct deposits could begin showing up in people's accounts the week of March 22...provided there isn't another direct deposit debacle like we saw happen with the $600 stimulus relief checks. Direct deposit debacle...try to say that three times fast.

Going by the above schedule, paper checks would be mailed out roughly around March 29, and EIP cards, prepaid economic impact payment cards, would begin going out around April 15.

Who Gets the Third Stimulus Check?

For determining who gets a third stimulus check and how much, the IRS will use the most current tax information they have on file. So, if you haven't filed your 2020 income taxes by the time the stimulus payments start going out, the IRS will use your 2019 tax information regarding annual income and dependents.

Obviously if you have indeed filed your 2020 taxes then the IRS will use the annual income and dependents listed when determining if you get a stimulus check and how much.

The income thresholds are more strict for the third stimulus check, and here's the breakdown of eligibility from vox.com -

  • Adults who earned $75,000 or less in their most recent tax year will receive the full $1,400, as will married couples who earned $150,000 or less, and heads of household who earned $112,500 or less.
  • Adults who earned more than $75,000, but less than $80,000; married couples who earned more than $150,000, but less than $160,000; and heads of household who earned more than $112,500, but less than $120,000, will be eligible for a reduced payment.
  • Adults who earned more than $80,000, married couples who earned more than $160,000, and heads of household who earned more than $120,000 will not be eligible for checks.

 

How Much Will I Get for Each Dependent?

With the third stimulus check, you can receive $1,400 for each dependent listed on your taxes. Unlike the previous two stimulus checks "all dependents — including college students and some people with disabilities, not just children under 17 — will be eligible" according to vox.com.

Stimulus Check Calculator

Want to get an idea of how much you're eligible for with the third stimulus check? Check out this "Stimulus Check Calculator" from forbes.com. All you have to do is input some simple information like annual income, number of dependents, and marital tax filing status and it will estimate the amount of money you and your family might get. Access the Forbes "Stimulus Check Calculator" HERE.

Great Uses for Silica Gel Packs