More Third Stimulus Check Payments Coming Today

If you didn't receive a first wave third stimulus check last week, your payment might be in the second batch being issued this week. For Americans receiving a direct deposit payment, the "official payment date" for the latest batch of deposits is today, March 24. (If a "pending" or "provisional" payment showed up in your bank account earlier this week, you should have access to the funds today.)

Direct deposit by far is the quickest and easiest method of delivering your payment. The money for your third stimulus check will be directly deposited into your personal bank account if the IRS has the necessary information (e.g., your bank's routing number and your bank account number) from:

• Your 2019 or 2020 federal income tax return (Form 1040);
• The "Non-Filers: Enter Payment Info Here" tool used for first-round stimulus payments;
• The "Get My Payment" tool, if the information was provided in 2020;
• A federal agency that issued benefits to you (e.g., the Social Security Administration, Department of Veteran Affairs, or Railroad Retirement Board).

But the IRS doesn't have bank account information for everyone who is eligible for a third stimulus check. As a result, this week's batch of payments will also include a large number of paper checks and debits cards sent by regular mail. Also, if a direct deposit is sent to a closed bank account, the payment will be reissued by mail to the address on file with the IRS. So, if you don't get a direct deposit payment today, check your mailbox in the coming weeks for a check or card.

And hang in there if your payment isn't in one of the first two batches. The IRS plans to send additional third stimulus check payments on a weekly basis going forward. Most Americans who are eligible to receive a payment (not everyone will get one) will receive it by direct deposit. Plus, the IRS was able to convert many payments to direct deposits that otherwise would have been sent as paper checks or debit cards. This will speed up stimulus payments by weeks.

[Stay on top of all the new stimulus bill developments – Sign up for the Kiplinger Today E-Newsletter. It's FREE!]

Tracking the Status of Your Third Stimulus Check

You can use the IRS's "Get My Payment" tool to track the status of your third stimulus check. This is a newer version of the same online portal that was available to keep track of your first- and second-round payments. The online tool lets you:

• Check the status of your stimulus payment;
• Confirm your payment type (paper check or direct deposit); and
• Get a projected direct deposit or paper check delivery date (or find out if a payment hasn't been scheduled).

For more information about the tool, see Where's My Stimulus Check? Use the IRS's "Get My Payment" Tool to Get an Answer.

Calculating the Amount of Your Third Stimulus Check

Every eligible American will receive a $1,400 third stimulus check "base amount" ($2,800 for married couples that file a joint tax return). The IRS will then tack on an additional $1,400 for each dependent in your family (regardless of the dependent's age).

Unfortunately, though, not all people will receive the full amount. As with the first two stimulus payments, third-round stimulus checks will be reduced – potentially to zero – for people reporting an adjusted gross income (AGI) above a certain amount on their latest tax return. If you filed your most recent tax return as a single filer, your third stimulus check will be phased-out if your AGI is $75,000 or more. That threshold jumps to $112,500 for head-of-household filers, and to $150,000 for married couples filing a joint return. Third-round stimulus checks will be completely phased out for single filers with an AGI above $80,000, head-of-household filers with an AGI over $120,000, and joint filers with an AGI exceeding $160,000.

Your filing status, AGI, and number of dependents will be taken from either your 2019 or 2020 return. If your 2020 return is already filed and processed when the IRS is ready to send your payment, your stimulus check will be based on information from your 2020 return. If your 2020 return isn't filed and processed at that point, the IRS will use your 2019 return. If your 2020 return is filed and/or processed after the IRS sends you a stimulus check, but before August 16, 2021 (or September 1 if the May 17 filing deadline is pushed back any further), the IRS will send you a second payment for the difference between what your payment should have been if based on your 2020 return and the payment actually sent based on your 2019 return.

You can use our handy Third Stimulus Check Calculator to get a customized estimated payment amount. All you have to do is answer three easy questions.

For more information about your third stimulus check, see Your Third Stimulus Check: How Much? When? And Other FAQs.