OVERVIEW
The American Rescue Plan, a new COVID relief bill, includes a third round of stimulus payments for millions of Americans. Get updated on the latest information as it evolves.
For information on the third coronavirus relief package, please visit our “American Rescue Plan: What Does it Mean for You and a Third Stimulus Check” blog post.
A third round of stimulus checks is on the way for millions.
The American Rescue Plan, a new COVID relief bill, was signed into law on March 11, 2021. The bill includes a third round of stimulus payments for millions of Americans. We know these funds are important to you, and we are here to help.
If you are eligible, you could get up to $1,400 in stimulus checks for each taxpayer in your family plus an additional $1,400 per dependent. This means a family with two children could receive $5,600.
The IRS began issuing the first batch of stimulus payments, and they could arrive as early as this weekend (March 13-14), with more arriving over the coming week. Further batches of payments will arrive during the following weeks. If you’re eligible, check the status of your stimulus payment and the way it’ll be sent to you by going to the IRS Get My Payment Tool, which will be live on March 15th.
To find out if you are eligible and how much you can expect, visit our stimulus calculator.
Who would be eligible for the third stimulus check?
Families earning less than $150,000 a year and individuals earning less than $75,000 a year should get the full $1,400 per person. Families earning up to $160,000 per year and individuals earning up to $80,000 per year will receive prorated stimulus checks for less than $1,400 max.
Unlike the previous two rounds, you will receive stimulus payments for all your dependents, including adult dependents and college students.
How much is the third stimulus check?
If you are eligible, you could get up to $1,400 in stimulus payments for each taxpayer in your family plus an additional $1,400 per dependent. That means that a family of four with two children could receive up to $5,600.
Remember, just because you are eligible, does not mean you are eligible for the full $1,400.
To find out if you are eligible and how much you can expect, visit our stimulus calculator.
How will I get my third stimulus check?
You don’t need to do anything to get your stimulus check. The IRS will determine eligibility based on the last tax return that you filed, either 2019 or 2020, and will likely send your payment to the bank account where your tax refund was deposited.
As part of the income tax filing, the IRS receives accurate banking information for all TurboTax filers who received a tax refund, which the IRS is able to use to quickly and effectively deposit stimulus payments.
When will I get my stimulus check?
The IRS has begun distributing stimulus payments. The first batch of stimulus payments could arrive as early as this weekend (March 13-14), with more arriving over the coming week. Further batches of payments will arrive during the following weeks.
For information on when you can expect your stimulus payment, check the IRS Get My Payment tool, which will be live starting March 15th.
Do I need to do anything to get my stimulus check?
You don’t need to do anything to get your stimulus check. The IRS will determine eligibility based on your last tax return (either 2019 or 2020) and will likely send your payment to the bank account where your tax refund was deposited.
Can I change or update my bank information?
Right now, there is no way to change your information for your stimulus check. The payment will be based on the information from your latest tax return and will go to the bank account or address the IRS has on file for you.
Will the stimulus affect my taxes for this year? Or next year?
None of the three stimulus checks (or Recovery Rebate Credits) are considered income, and therefore aren’t taxable. They won’t reduce your refund or increase what you owe when you file your taxes this year, or next. They also won’t affect your eligibility for any federal government assistance or benefits.
Let an expert do your taxes for you, start to finish with TurboTax Live Full Service. Or you can get your taxes done right, with experts by your side with TurboTax Live Assisted. File your own taxes with confidence using TurboTax. Just answer simple questions, and we’ll guide you through filing your taxes with confidence. Whichever way you choose, get your maximum refund guaranteed.
