Third stimulus check of pandemic heading for mailboxes, bank accounts

The third stimulus check of the coronavirus pandemic is heading to mailboxes (or into bank accounts, via direct deposit) soon, the White House says. That’s happening under $1.9 trillion legislation officially called the American Rescue Plan Act of 2021, which President Joe Biden signed Thursday. Here are answers to some of your questions.
How much money is coming my way?
How much money is coming my way?
There’s a base amount of $1,400 that could go up or down depending on your circumstances and depending on your income. For those who file joint tax returns, each spouse will generally get that amount — so $2,800 for a couple — plus additional payments for each child, which depends as well on certain factors such as the child's age.
Can I earn too much money to qualify for a stimulus check?
Can I earn too much money to qualify for a stimulus check?
Yes, stimulus payments start to dwindle to nothing if your adjusted gross income exceeds $75,000 ($150,000 for a jointly-filing married couple). And it’s a steep cliff to nothing, too: Once your income hits $80,000, $120,000 for heads of households, or $160,000 for married couples filing jointly, you do not qualify for a third stimulus payment.
When will the check arrive?
When will the check arrive?
White House press secretary Jen Psaki addressed this question Thursday soon after Biden signed the bill into law authorizing the checks, saying, "Some people in the country will start seeing those direct deposits in their bank accounts this weekend, and payments to eligible Americans will continue throughout the course of the next several weeks."
You’re more likely to get the payment sooner if the Internal Revenue Service has your bank account information in its files, though it should come in the mail.
Must I pay tax on the stimulus check?
Must I pay tax on the stimulus check?
No, the Internal Revenue Service, which is administering the program, considers the stimulus a tax credit for 2021, not as income. So even if you don’t get a payment this year, you can claim it on your 2021 taxes. The payments going out now, in other words, are an advance on a future credit authorized by the law.
Which year’s income will the government consider when deciding whether I should get a check and what payment I should receive?
Which year’s income will the government consider when deciding whether I should get a check and what payment I should receive?
Either 2019’s or 2020’s, the latter if you’ve filed already or do so soon. If your 2020 income is lower than 2019’s — and you’d qualify based on 2020’s — you might consider applying now.
But what if I didn’t file a tax return, because I didn’t need to, due to my income?
But what if I didn’t file a tax return, because I didn’t need to, due to my income?
The IRS is expected to issue the payments based on the files it has on you, whether from the Social Security Administration or other sources in the federal government.
What about newborns?
What about newborns?
Only those born in 2020 or earlier qualify for an additional stimulus payment, so if you’ve got a 2021 baby, you’re out of luck, at least when it comes to the stimulus. That doesn’t mean you’re completely out of luck: you’ll be able to claim the baby for a credit on your 2021 taxes.
What if I think I’m due a stimulus payment but haven’t received it?
What if I think I’m due a stimulus payment but haven’t received it?
The IRS has information on its website on how to seek more information: irs.gov/newsroom/recovery-rebate-credit. Remember, you can always claim it on your 2021 taxes.
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