Everyone is talking about the latest round of stimulus checks that have begun to be distributed by the Federal government. Are you looking for how to track the status of your stimulus check? The IRS began sending out payments connected to the third stimulus check on March 12. You can use the IRS’s “Get My Payment” tool to track the status of the stimulus check.
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You will get your stimulus check quickest if you already have a direct deposit account set up with the IRS. After direct deposit payments, the IRS typically moves on to the checks via mail and even pre-paid debit cards. The above link to the IRS website will help you be aware of what form your payment will take assuming you qualify for this round of stimulus check.
What is the third stimulus check?
The recent bill that president Joe Biden signed into law includes direct payments of $1400 to individuals earning less than $75,000 and couples earning less than $150,000. The bill includes other provisions such as unemployment benefits, child tax credit adjustments, vaccine distribution funds and more, but we are focusing specifically on the stimulus check provision that was included in the new law.
President Biden said the following about the new bill: “This historic legislation is about rebuilding the backbone of this country,” Biden said before signing the legislation. “And giving people in this nation, working people, middle-class folks, the people who built this country, a fighting chance.”
Note that whether or not you have filed your taxes for calendar year 2020 could impact the status of your stimulus check. If your income went up in 2020, you may no longer qualify for the third stimulus check. If you haven’t yet filed your taxes, then the IRS will use your income from your 2019 return. If the 2020 return has been processed, then that amount will be used to determine eligibility. Again use the IRS link to track your stimulus check and determine when and if to expect the payment.
Note that for couples filing jointly, you are completely phased out at the $160,000 income level. So, if you make more than $160,000 as a couple, you get nothing this time.
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Stimulus check history
While economic “stimulus” bills have been passed in previous economic crises, the stimulus checks most refer to began in 2020 after the coronavirus related economic shutdown spawned calls to help individuals financially who have been negatively impacted by the economic downturn caused by the COVID-19 pandemic.
CARES Act – March 2020
The CARES Act was passed by President Donald Trump in March of 2020 which authorized stimulus checks of up to $1,200 per person. The overall bill was a $2.2 trillion bill that included a number of measures to combat the economic crisis that was unfolding.
Additional Stimulus – December 2020
President Trump pushed Congress to authorize another round of stimulus late in 2020. After negotiations, a bill was passed in late December that included another $600 in stimulus payments to individuals.
COVID Relief Bill – March 2021
In March 2021, Congress passed and president Joe Biden signed into law another COVID relief bill that included the third and latest round of stimulus checks to be distributed to individuals. While the amount increased to $1,400 per person, the income limits and phase out became stricter leading to fewer people receiving the checks.
With the checks being distributed, be sure to track the status of your stimulus check by using the IRS tool linked above.
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