The IRS is already sending the third round of stimulus payments. Here you will find everything you need to know, from how much you would receive to the changes compared to the first and second rounds of payments.
How Will the Third Stimulus Payment Be Delivered?
According to the IRS, the vast majority of payments will be delivered by direct deposit. However, some people will receive a paper check or a debit card by mail.
What Do I Have to Do to Get the Third Stimulus Payment?
In the vast majority of cases, you don’t have to do anything. The IRS is delivering the payments automatically and often using the same method in which people received their first and second payments.
How Can I Check the Status of My Stimulus Payment?
Checking the status of your stimulus payment is really simple. All you have to do is use the IRS online tool Get My Payment.
How Much Will I Get?
Most people will get $1,400 plus $1,400 for every qualifying dependent they claim on their tax return.
It’s worth remembering that income levels for the third round of stimulus payments have changed. This means that some people who received the first and second round of payments won’t be eligible for the third. The payments begin to be reduced for people who earn $75,000 or more in Adjusted Gross Income. The limit is $150,000 for married couples filing jointly.
The reduced payments end at $80,000 for individuals or $160,00 for married couples. Those with income above these levels are not eligible for a payment.
What Are the Rules for Dependents?
However, the third stimulus payment will be larger for most people because. The reason is that, unlike the first two rounds of payments, this time the payment is not restricted to children under 17. Eligible families will get a payment based on all the eligible dependents, including college students, adults with disabilities, parents, and grandparents.
This way, a family of four that includes a married couple with two dependents would get up to $5,600, that is, $1,400 per person.
Contact the Tax Experts at Delgado’s Insurance
If you are looking for assistance with your 2020 tax return or your stimulus payment, contact our experts at Delgado’s Insurance. Our mission is to help you make sense of your options to reduce your liability and maximize your deductions while staying compliant with all relevant laws and regulations.
We have locations in Riverside, California, and Bloomington, California. Contact us today by telephone (951-361-0084, 909-421-9003), email (email@example.com), or through our social media accounts (Facebook, Twitter) to get a free quote and learn more about our wide array of services.