New Stimulus Checks – New Stimulus Check Payment Method

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The New Stimulus Checks otherwise called the Third Round of Stimulus Check is still in check. And it may be released to be distributed among qualifiers soon. The $1400 stimulus package is already on its way to over several banks’ accounts and mailboxes. Just like every other Stimulus Check, there are eligibility requirements to qualify for this New Stimulus Check.

New Stimulus Check

New Stimulus Checks

There are some key details changed on this New Stimulus Check bill.  Some of the changes include income limits, dependents benefits, and a major expansion to the Child Tax Credit.

There are also some adjustments to the citizenship-based eligibility requirements. So, with the IRS distributing payments to qualifiers, taxes will play a big role in determining eligibility.

New Stimulus Checks Payment Method

By March 17th, the IRS declared that 90 million stimulus packages have been sent to direct deposit qualifiers. And the first batch of 150,000 New Stimulus Check was sent in the mail.

Qualifiers using the EIP prepaid debit cards haven’t gotten a date yet, and also the SSDI and SSI qualifiers payment.

Third Stimulus Check Delayed

Any problem with stimulus check delivery or a calculation error could keep you from getting your check.

For example, if you moved, you need to make sure the IRS has your new address, not only the USPS. And depending on which tax year the IRS uses when processing your stimulus payment. Any difference could mean you only receive a partial payment, and you have to wait for the rest.

One example would be if you gained a dependent in 2020 including Aa child. But the IRS bases your stimulus check on your 2019 tax return.

Here’s more to know about the New Stimulus Check and taxes.

Income Limit For New Stimulus Check Payment

Complete $1400 per individual maximum based on AGINot eligible based on AGI
Single taxpayerLess than $75,000$80,000 or more
Head of householdLess than $112,500$120,000 or more
Married couple filling their tax jointlyLess than $150,000$160,000 or more

 

Though, any dependent taxpayer claims could be eligible for the $1400 payment. Unlike the first two rounds of payments, individuals above the upper limit won’t be able to get a partial check.

Tax Calculation

Tax season and the timing of a third stimulus check overlap. This means that the IRS will focus on your total income from either your 2020 or 2019 tax return or earlier.

If you already filed your 2020 tax return, you can use this refund tracker to see if your 2020 return has been processed.

If it has been, it’s likely your New Stimulus Check will be based on your 2020 filing. Otherwise, the IRS will use your stimulus check off the most recent filing in its possession. Or some other information got for non-filer such as an SSDI or SSI recipient.

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