Third Stimulus Checks: When and How Will You Get $1,400?

The U.S. Congress is slated to approve the third round of direct stimulus payments in less than a year, meaning that most Americans can expect another cash infusion in the coming weeks. Individuals who earn as much as $75,000, or couples making $150,000, plus their children or adult dependents, qualify for the full $1,400 per person. Single parents with at least one dependent who earn $112,500 or less also get the full amount. Families in which some members have different citizenship and immigration classifications are also eligible for a payment, if at least one person has a Social Security number. The payments phase out much more quickly than in previous rounds: An individual with income of $80,000, or a couple with $160,000, get nothing. That’s the result of a last-minute compromise to maintain the support of moderate Democrats who wanted to more narrowly target the money. The IRS hasn’t yet announced a timeline for releasing the payments. In the two previous rounds, the agency first sent direct deposit payments to those for whom it had bank account information on file, then mailed paper checks or pre-loaded debit cards to everybody else. In round one, last March, it took the IRS about two weeks to process the payments. In round two, in December, it took just a few days once the bill was signed into law.