The IRS has started sending out a third round of Economic Impact Payments (EIP3s, also called stimulus payments) shortly after the American Rescue Plan became law on March 11. The vast majority of eligible Americans will receive their payments automatically, usually by direct deposit. If a person entitled to an EIP3 has not provided current banking information to the IRS, their payment will be sent by mail as a check or prepaid debit card.
In general, EIP3s are larger than previous EIPs sent in 2020 and 2021. The standard payment amount is $1,400 per person, plus $1,400 for each dependent. For example, an eligible married couple with two dependent children will receive 4 X $1,400 = $5,600. People qualify to receive EIP3s if they are U.S. citizens or resident non-citizens, have valid Social Security Numbers (SSNs), cannot be claimed as someone else’s dependent, and have adjusted gross income (AGIs) below the limit.
For single tax filers, the AGI limit to receive the full EIP3 amount is $75,000. Single taxpayers with AGIs of $80,000 or above will not receive an EIP3, while those with incomes between $75,000 and $80,000 (the “phase-out” range) will receive reduced payments.
Joint tax filers qualify for the full EIP3 amount if their AGI is $150,000 or less, with the phase-out range going from $150,000 to $160,000. For Head of Household (HoH) tax filers, the AGI limit for a full EIP3 is $112,500, with the phase-out range ending at $120,000. As with Single individuals, HoH and joint filers with AGIs above the phase-out range will not receive EIP3s.
You can use the IRS Get My Payment portal (link below) to check on the status of your EIP3. This tool can often provide the precise date when your payment will be deposited or mailed. Because payments are calculated and sent automatically, contacting the IRS will not speed up the process. Beware of scammers who claim that they can get your stimulus payment faster.
IRS Get My Payment portal: https://www.irs.gov/coronavirus/get-my-payment