FAQs: Everything you need to know about your third stimulus check

Posted at 2:40 PM, Mar 17, 2021

Have questions about the third stimulus check? We've got you covered!

Who Is Eligible To Receive A Stimulus Check?

  • Those who filed 2019 or 2020 taxes.
  • Those who receive
    • Social Security retirement
    • Survivor or disability benefits (SSDI)
    • Railroad Retirement benefits
    • Supplemental Security Income (SSI)
    • Veterans Affairs benefits
  • Those who received a previous stimulus check will be automatically included in this round of stimulus if they meet income requirements.

How Much Will My Stimulus Check Be?

The IRS will use “adjusted gross income” to determine income eligibility for payments.

  • Americans making up to $75,000 a year will get a direct payment of $1,400.
  • Couples who filed a joint tax return making up to $150,000 a year will get $2,800.
  • Heads of households making up to $112,500 annually will receive the full $1,400.
  • Those making $75,000 to $80,000 ($150,000 to $160,000 for couples) will get a prorated check.
  • Those making over $80,000 ($160,000 for couples) will not receive a check.

How Much Will I Receive For Dependents?

Those with children and/or adult dependents, such as college students or elderly relatives, will receive $1,400 for each dependent.

When Will I Receive My Stimulus Check?

Although the IRS began releasing the first batch of stimulus checks last Friday, the IRS said it could take weeks for some to receive their payment.

  • H&R Block customers who have an Emerald Card began receiving payments on Saturday, March 13.
  • The following banks have said they will release stimulus funds on Wednesday, March 17:
    • Chase
    • PNC
    • Wells Fargo

How Do I Check The Status Of My Stimulus Check?

You can use the IRS "Get My Payment" tool on its website to check your status.

Please note the following status messages you could see when using the tool:

  • Payment Status:
    • A payment has been processed, a payment date is available and payment is to be sent either by direct deposit or mail. Note: mail means you may be issued an EIP Card or a check.
    • You’re eligible, but a payment has not been processed and a payment date is not yet available.
  • Payment Status Not Available:
    • We haven't yet processed your payment or you're not eligible for a payment.
  • Need More Information:
    • Your payment was returned to the IRS because the Postal Service was unable to deliver it. Only people who get this message can use the tool to give us bank account information.

It's also important to note the tool will not show the amount of your 2021 Economic Impact Payment.

How Will I Receive My Stimulus Check?

For the vast majority of Americans, the checks will come automatically, either via direct deposit or through a check or debit card in the mail.

Some Americans who may not have been previously eligible, such as young adults, may need to submit their information to the IRS, although such details are unavailable at this time.

Can Private Debt Be Deducted From My Stimulus Payment?

Yes, Congress passed the American Rescue Plan under a budget reconciliation leaving the payments open to private debt collectors for things like credit card, medical or student loan debts.

That would affect people who have a judgment against them for some unpaid debt and the creditor has access to the bank information where the stimulus money is going.

Can My Bank Deduct Overdraft Fees from My Stimulus Payment?

Banks could deduct any overdraft fees from stimulus money. Many waived them in December. You'll want to check with your bank.