* Note, adjusted gross income (AGI) is your gross income like wages, salaries, or interest minus adjustments for eligible deductions like student loan interest or your IRA deduction. If you have an adjusted gross income (AGI) of up to $75,000 ($150,000 married filing jointly), you should be eligible for the full $1400 stimulus payment. So, how do you know if you may be eligible to receive a third stimulus payment? If you didn’t get the full stimulus amount you were eligible for then you may be able to claim those dollars through the Recovery Rebate Credit on your tax return. This letter has all the info you need to report the correct amount of the third stimulus you received and understand if you are eligible for additional stimulus dollars and how much. This letter only applies to the third stimulus payment received in 2021. The IRS will determine eligibility based on your last tax return, either 2019 or 2020, and will likely send your payment to the bank account where your tax refund was deposited.įor your 2021 tax return, the IRS will send a Letter 6475 with your total amount of 2021 stimulus payment. Unlike the previous two rounds, you will receive stimulus payments for all your dependents, including adult dependents and college students.Īlthough you may want to file your 2020 return now in order to provide your most recent information to the IRS, including bank account information, you don’t need to do anything to get your stimulus check. This means a family with two children could receive $5,600. Those eligible will get up to $1,400 in stimulus payments for each taxpayer in their family plus an additional $1,400 per dependent. Third Stimulus Payments for Individuals and Joint Taxpayers In addition, the bill also extends certain unemployment benefits and expands tax relief for unemployment benefits, the Child Tax Credit and the federal Earned Income Tax Credit (EITC). The plan includes a third round of stimulus payments for millions of people. March 11: The American Rescue Plan was signed into law on March 11, 2021. We anticipate that the IRS Get My Payment tool will be updated next week.įor information on when you can expect your stimulus payment, visit the “Where’s My Third Stimulus Check?” blog post. March 12: The IRS has begun distributing stimulus payments and we expect eligible people could receive their stimulus payments as early as next week (March 17th). Find out more details about what this can mean for you here and below.ĪpUpdate: The Biden Administration extends student loan repayment, interest, and collections through August 31, 2022.ĭecember 22, 2021: The Biden Administration extended the pause of federal student loan payments, interest, and collections through May 1, 2022. Department of Education announced a three part student loan debt relief plan that includes an extension of the pause on student loan payments until December 31, 2022, debt cancellation, and a proposal to create an income-driven repayment plan to help lower future monthly payments. AugUpdate: President Biden, Vice President Harris, and the U.S.
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