The third round of Economic Impact Payments, also known as stimulus checks, were a crucial part of the American Rescue Plan Act of 2021, signed into law on March 11, 2021. These payments were intended to provide financial relief to individuals and families struggling during the COVID-19 pandemic. In this comprehensive guide, we will delve into the details of the third stimulus checks, including their issuance dates, eligibility criteria, and how to claim any remaining payments.
Issuance Dates
The Internal Revenue Service (IRS) began issuing the third round of Economic Impact Payments on March 12, 2021. The majority of eligible individuals received their payments by direct deposit, while others received paper checks or EIP (Economic Impact Payment) Cards. The IRS continued to issue payments throughout the year, with the last batch being sent out in December 2021.
Eligibility Criteria
To be eligible for the third stimulus check, individuals had to meet the following criteria:
- Be a U.S. citizen or resident alien
- Have a valid Social Security number
- Not be claimed as a dependent on someone else’s tax return
- Have an Adjusted Gross Income (AGI) below certain limits:
- $75,000 for single filers
- $150,000 for married couples filing jointly
- $112,500 for heads of household
Payment Amounts
The amount of the third stimulus check varied depending on the individual’s filing status and AGI. Eligible individuals received the following amounts:
- Single filers: Up to $1,400
- Married couples filing jointly: Up to $2,800
- Heads of household: Up to $1,400
- Dependents: Up to $1,400 per dependent
Claiming Missing Payments
If you believe you are eligible for a third stimulus check but did not receive it, you can claim the payment as part of the 2021 Recovery Rebate Credit on your 2021 tax return. To do this, you will need to complete the Recovery Rebate Credit Worksheet, which is included in the Form 1040 and Form 1040-SR instructions.
Additional Information
- First and Second Stimulus Checks: The first and second rounds of Economic Impact Payments were issued in 2020. If you did not receive these payments or received less than the full amount, you may be eligible to claim the 2020 Recovery Rebate Credit on your 2020 tax return.
- Direct Deposit: The IRS strongly encourages individuals to use direct deposit to receive their stimulus payments and tax refunds. Direct deposit is faster, safer, and more convenient than paper checks.
- Online Account: Individuals can view their Economic Impact Payment information through the IRS’s Online Account. This includes the amount of each payment received and the method of payment.
- Get My Payment Tool: The IRS’s Get My Payment tool is no longer available. Individuals can now access their Economic Impact Payment information through the Online Account.
The third round of Economic Impact Payments provided much-needed financial assistance to millions of Americans during the COVID-19 pandemic. By understanding the issuance dates, eligibility criteria, and payment amounts, individuals can ensure they receive the full amount they are entitled to. If you have any questions or need additional assistance, please visit the IRS website or contact the IRS directly.