How to track the status of your third stimulus check

$1.9T stimulus ‘exactly the amount’ to get back to full employment: Economist

Moody’s Analytics chief economist Mark Zandi discusses the impact of the $1.9 trillion COVID relief bill on the economy and his concerns over inflation.

The third round of stimulus checks began flowing into Americans' bank accounts over the weekend — but for those still awaiting its arrival, there's a quick way to track the status.

Like the previous two cash payments, you can check the status of the payment using the IRS’s Get My Payment tool, which went live on Saturday. The first payments will go to Americans with direct deposit set up, the IRS said. After that, the agency will mail paper checks and pre-paid debit cards to anyone who qualifies for the money.

“Following approval of the American Rescue Plan Act, the first batch of payments will be sent by direct deposit, which some recipients will start receiving as early as this weekend, and with more receiving this coming week,” the IRS said in a statement.

WELLS FARGO, JPMORGAN CRITICIZED OVER TIMING OF THIRD STIMULUS CHECK

The tool will no longer show the status of the first two stimulus payments; if you were eligible for that money but didn't receive one or both, you will have to claim the payments using the recovery rebate worksheet to calculate how much you should receive and claim that amount on Line 30 of Form 1040 and Form 1040-SR. The IRS will include your stimulus payments as part of your refund check. Even if you don't earn enough money to typically file a return, you will need to submit one this year to receive your allotted payment.

The cash payments included in the $1.9 trillion stimulus bill that President Biden signed into law last week are the largest yet, with some Americans eligible to receive up to $1,400. But like the previous rounds of checks — worth $1,200 and $600 — some people will be excluded from getting the money.

$1,400 STIMULUS CHECKS CAN BE SEIZED BY PRIVATE DEBT COLLECTORS

Under the legislation, individuals with an adjusted gross income of $75,000 or less, and couples with an adjusted gross income of $150,000 or less, are eligible to receive a one-time payment of $1,400.

Americans who earn more than the threshold line will still receive a partial check. But the money will phase out faster, cutting off individuals who earn $80,000 a year or more, and couples who earn $160,000 a year or more. For those filing as head of household, the phaseout begins at $112,500 and tapers off at $120,000.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The payments will likely be based on the income you reported in your 2020 tax return, but if you haven't filed it yet, the government will use your 2019 return to calculate how much you're owed.

Source: Read Full Article