In 2021, the American Rescue Plan Act authorized a third round of Economic Impact Payments (EIP3) to provide financial relief to Americans amidst the COVID-19 pandemic. While the majority of eligible individuals received their payments automatically, some may have missed out due to various factors. This guide will provide a comprehensive overview of the EIP3 eligibility criteria, payment amounts, and the steps you can take to claim your missing payment.
Eligibility for the Third Stimulus Check
To qualify for the third stimulus check, you must meet the following criteria:
- Be a U.S. citizen or resident alien
- Have a valid Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN)
- Not be claimed as a dependent on someone else’s tax return
- Meet the income requirements (see below)
Income Eligibility Limits
The amount of your EIP3 payment is based on your adjusted gross income (AGI) from your 2020 tax return. The full payment amounts are as follows:
- $1,400 for single filers with AGI up to $75,000
- $2,800 for married couples filing jointly with AGI up to $150,000
- $1,400 for each qualifying dependent
Payments are gradually reduced for individuals with AGIs above these limits, and those with AGIs exceeding $80,000 for single filers, $120,000 for head of household filers, and $160,000 for married couples filing jointly are not eligible for a payment.
How to Claim Your Missing Payment
If you believe you are eligible for the EIP3 but did not receive it, you can claim it on your 2021 tax return by following these steps:
- Gather your documents: You will need your 2020 tax return and any documentation that supports your claim, such as proof of income or dependents.
- File your tax return: File your 2021 tax return as soon as possible. You can file electronically or by mail.
- Claim the Recovery Rebate Credit: On your tax return, claim the Recovery Rebate Credit for the amount of the EIP3 that you did not receive. The credit is calculated based on your eligibility and the information provided on your tax return.
Filing Deadline
The deadline to file your 2021 tax return and claim the Recovery Rebate Credit is April 18, 2023. If you miss this deadline, you may forfeit your eligibility for the EIP3.
Additional Resources
- IRS website on Economic Impact Payments
- Forbes article on claiming your missing third stimulus check
If you believe you are eligible for the third stimulus check but did not receive it, it is important to claim it on your 2021 tax return by April 18, 2023. By following the steps outlined in this guide, you can ensure that you receive the financial assistance you are entitled to.
What you need to know about the 3rd stimulus check
FAQ
How do I know if I got my 3rd stimulus check?
What if I didn’t get my third stimulus check?
Is it too late to get my stimulus check?
Is there a 3rd round of economic impact payment?
Can a third stimulus check be a recurring payment?
Answer: As with the first two round of checks, the legislation authorizing the third round of payments only calls for one payment. This is not a “recurring” payment situation. However, some people will receive a supplemental payment if their 2020 tax return is filed and/or processed after the IRS sends them their regular third stimulus check.
When will my 3rd stimulus check arrive?
Answer: Millions of Americans have already received their third stimulus check. And the IRS will be sending out more over the next several weeks. So, if you haven’t received your payment yet ( assuming you’re eligible for a payment ), it should arrive relatively soon. How long it will take to send all payments is not known yet.
What happens if you get a third stimulus check?
So, for example, if you received a $700 third stimulus check based on the information found on your 2019 return, filed your 2020 tax return later, and your third stimulus check would have been for $800 if it was based on information from your 2020 return, then the IRS will send you a second payment for the $100 difference.
Did the IRS send a third-round stimulus check?
The IRS started sending third stimulus check payments in batches shortly after President Biden signed the American Rescue Plan Act on March 11. And, so far, the tax agency has sent over 150 million payments. But many Americans — especially those who haven’t received a check yet — still have a lot of questions about the third-round stimulus checks.