When to Expect a Stimulus Check
Posted by Frank Gogol in Data | Updated on June 19, 2023
Very soon, most Americans will receive a stimulus check from Uncle Sam. The IRS announced the payments would begin shortly, but depending on the case, they might arrive at different moments. What are these stimulus checks – and who is eligible for them? When can I expect to receive them? Read this article and find out as much as possible.
What Are Stimulus Checks?
A stimulus check is an amount of money sent by the U.S. government to a taxpayer. These checks have the purpose of stimulating the economy, giving consumers some extra money that they can spend.
Once the consumers spend this money, it will boost the consumption and drive revenue towards manufacturers and retailers – therefore, giving the economy a boost. Stimulus checks can be larger federal packages, as it was with the apparition of the 2020 CARES Act.
That being said, stimulus checks were used during the Great Depression as well – a moment when the economy also found itself at a standstill. If the taxpayer has a recorded debit card, then they will receive their money into that account. However, in its absence, taxpayers can also receive stimulus checks in the mail.
What Is the Third Round of Stimulus Checks Being Sent?
Often, stimulus checks are given during times when the economy finds itself at a standstill. With the Coronavirus pandemic and lockdowns closing multiple businesses and preventing people from getting out of their houses (some even losing their jobs), people no longer felt they had too much money to spend anymore. Since people were no longer buying that much, the economy reached a low point. A second stimulus check was also given over the second half of 2020, to aid in the COVID-19 pandemic.
Enter the third round of stimulus checks. Starting in 2021, stimulus checks were sent to the taxpayers so that they could give the economy a boost. Generally speaking, people will get somewhere around $1,400 for themselves on this third round of stimulus checks. They will also receive $1,400 for each one of the qualifying dependents mentioned on their tax return.
The third round of stimulus checks being sent will be calculated based on the latest processed tax return of the taxpayer, be it 2019 or 2022. If the IRS has received as well as processed the tax return of a taxpayer in 2020, then the agency will make the calculations based on that.
Who Is Eligible for a Third Stimulus Check?
Some people may or may not be eligible for receiving a stimulus check. Among people that can expect this check include:
- Individuals with an $80,000 AGI (Adjusted Gross Income) or less
- Head of household with a $120,000 AGI or less
- Couples filing jointly with a $150,000 AGI or less
- Dependents of every age, if the guardian qualifies
- Families with mixed US citizenship
- US citizens who live abroad
- Citizens living on US territories
- VISA holders
- Incarcerated people
- Non-citizens that pay taxes
Most people living in the US can indeed be expected to receive a stimulus check, provided they have US citizenship, have a visa, or at least pay U.S. taxes. With that in mind, certain categories are disqualified from receiving a stimulus check – and this will precisely help you determine whether you are eligible for receiving it as well or not.
- High-Earners: If your AGI goes over what was mentioned for individuals, heads of households, and joint couple filing, then you are not eligible for the third stimulus check.
- Non-Resident Alien: If the person is not a citizen of the United States, does not possess a green card, and hasn’t been in the U.S. for a long time, then they are not eligible for receiving a stimulus check.
- Individuals without a Social Security Number: In order to get a stimulus check, it is essential that you have a social security number, no matter if you are the person in question or the dependent.
- Deceased People: It may seem obvious, but most deceased people do not receive a stimulus check – but there’s a catch. Only those who died before 2021 are not eligible, and if the person was part of the U.S. military, the surviving spouse can receive their check instead.
- Non-Taxpayers: Obviously, if the IRS can’t find anything about your taxpaying efforts, then you will not receive a stimulus check. You’ll need to pay your dues to the government if you also want the government to back you up.
Eligibility is based on your adjusted gross income, and the amount of money that you receive will be calculated on the same basis.
When to Expect Your Third Stimulus Check
The US treasury and the IRS already started making the transactions starting on March 12. However, even if you can see the money as “pending” in your account, that money will not be accessible until March 17 – which is the official release date.
With that in mind, the IRS set a deadline for later in the year to finish sending all the checks – which means that there is still the possibility that the money will arrive much later into your account. Considering the number of people living in the United States, this is understandable.
Can You Track Your Stimulus Online?
Considering that not everyone receives their money at the same time, the need for a tracking system is also understandable. With that in mind, today’s technology makes it very easy for you to track your stimulus online. This is why the IRS set up Get My Payment last week so that you can see exactly where your payment is at.
With this tool, you may see precisely when your stimulus check is supposed to arrive – whether you are supposed to get it in your bank account or the mail. This tool will also tell you whether there is an issue with the pending payment or not. This will give you time to address it so that you may receive the payment in the end.
When Is the IRS Deadline to Send New Stimulus Checks?
At this point, the US treasury and the IRS are working fast to send all the stimulus checks as soon as possible. At the same time, they set a deadline for December 31st, 2021 to send out all of the payments.
In a way, this is good news; this means they haven’t set a compressed deadline, meaning that should an issue appear, you have the time to address it. There is also the reassurance that since it won’t be a rushed project, there’s a lower chance of payments being missed or problematic.
At the same time, this means that numerous people may have to wait for a fair amount of time before they receive their stimulus check. Certain people have priority, but we have still much to learn about the IRS delivery system. In most cases, all we can do is wait as we track the stimulus check online.
The Bottom Line
The third round of stimulus checks is only beginning to go out in the world – but with the state of the economy right now, we could all use it. If you are a taxpayer, then there is no reason why it should not turn up in your mail or bank account.
Read More
- Will I Get a Stimulus Check If I Owe Taxes?
- How to Get a B2 Visa Extension During COVID-19
- H1B Stimulus Checks During COVID-19
- Where Can I Cash My Stimulus Check?
- Are There Stimulus Checks for Green Card Holders?
