How Many Stimulus Checks In 2020

Who Is Eligible For The Third Stimulus Check

While eligibility is similar to the first and second stimulus checks, there are differences. There are four primary requirements:

1. Income: The income requirements to receive the full payment are the same as the first and second stimulus checks. There is no minimum income needed to qualify for the payment. Households with adjusted gross income up to $75,000 for individuals will receive the full payment. The third stimulus payment starts to phaseout for people with higher earnings. The third stimulus checks maximum income limit is lower than the first and second stimulus check. Single filers who earned more than $80,000 in 2020 are ineligible for the third stimulus check.

View the chart below to compare income requirements for the first, second, and third stimulus checks.

2. Social Security Number: This requirement is different from the first and second stimulus check.

Any family member that has a Social Security number or dependent can qualify for the third stimulus check. For example, in a household where both parents have ITINs, and their children have SSNs, the children qualify for stimulus checks, even though the parents dont.

See the chart below for further explanation of how this works.

The First Round Of Stimulus Checks

The first round of stimulus payments were authorized under the Coronavirus Aid, Relief, and Economic Security Act. In 2020, the IRS had issued 162 million payments totaling $271 billion. The Congressional Budget Office estimates that those first-round payments will eventually cost a total of $292 billion.

Those initial payments issued earlier in 2020 were $1,200 per person, or $2,400 for those filing jointly, plus $500 per qualifying child. The payments began phasing out at the same income levels as the current payments, but since the payments authorized under the CARES Act were larger, the maximum income levels to receive a payment were also larger:

• $99,000 for single taxpayers
• $136,500 for taxpayers filing as head of household
• $198,000 for married couples filing jointly

Stimulus Checks: Direct Payments To Individuals During The Covid

GAO-22-106044

The federal government made direct payments to individuals totaling $931 billion to help with COVID-19. However, it was challenging for the IRS and Treasury to get payments to some people.

We found that nonfilers , first-time filers, mixed immigrant status families, and those experiencing homelessness were among those likely to have trouble receiving these payments in a timely manner.

We recommended that Treasury and the IRS tailor their outreach efforts to educate such people about their eligibility for these payments.

In 2020 and 2021, IRS and Treasury issued $931 billion in direct payments to individuals to ease financial stress due to the COVID-19 pandemic. However, some eligible Americans never received payments. We made recommendations to strengthen Treasury and IRSs outreach and communications efforts for the billions of dollars in similar tax credits IRS administers, such as the Earned Income Tax Credit.

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Did I Need To Do Anything To Get A Stimulus Payment

The payments were automatic if any of the following applied:

• You filed a 2019 or 2020 tax return.
• You received Social Security retirement, survivor or disability benefits , Railroad Retirement benefits, Supplemental Security Income or Veterans Affairs benefits.
• You registered for the first payment online at IRS.gov using the agencys “Non-Filers” tool by Nov. 21, 2020.
• You submitted a simplified tax return that had been processed by the IRS.

You can use the IRS online account tool to check the status of your payment.

What If My Child Turned 17 In 2019 But I Haven’t Filed My 2019 Return Yet

You only get an additional $500 for a child who qualifies for the child tax credit. That means your son or daughter can’t be older than 16. However, what if your child turned 17 in 2019, but you haven’t filed your 2019 tax return yet ? Are you going to get an extra $500 based on your child’s age as reflected on your 2018 return? If so, will you get to keep that additional amount?

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Ive Moved Since I Filed My Taxes How Can I Update My Address

If you received a refund through direct deposit with your latest tax return , the IRS will directly deposit your money into this account, and they wont need your updated address. If you havent filed your 2019 taxes yet, the IRS will receive your updated address through your tax return. The IRS is encouraging people to use these electronic methods for providing this information as they are unable to process other requests for an address change at this time due to the pandemic.

How Many More Stimulus Checks Will I Get In 2020

US Federal Reserve Chairman Jerome Powell gives a press briefing after the surprise announcement the … FED will cut interest rates on March 3, 2020 in Washington,DC. – The US Federal Reserve announced an emergency rate cut Tuesday, responding to the growing economic risk posed by the coronavirus epidemic and giving President Donald Trump the stimulus he has called for. In a unanimous decision, the Fed’s policy-setting committee slashed its key interest rate by a half point to a range of 1.0-1.25.

AFP via Getty Images

The U.S. government tried to soften the financial impact of the Coronavirus and associated lockdowns on Americans via direct cash payments that were part of the stimulus package signed into law in mid-March. Now, it appears quite likely that another round of stimulus checks could be in the offing, as economic conditions remain weak, with political leaders also hinting at another sizable stimulus package. Below, we detail the status of the first round of stimulus and why we believe another round of direct cash payments looks likely.

For a detailed breakdown of the components of the CARES Act signed in March 2020 view our analysis A Breakdown Of The $2 Trillion Coronavirus Fed Stimulus

Stimulus Payments Under CARES Act

Slow Economic Recovery Makes Case For Another Round Of Checks

That said, there is widely acknowledged dissonance between the stock market performance and the broader economy.

Political Considerations

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Finding The Amounts Of Your First Second And Third Stimulus Checks

To find the amount of stimulus payment youve received, you can:

• Refer to the IRS notices that were mailed to you. IRS Notice 1444shows how much you received from the first stimulus check. IRS Notice 1444-B shows how much you received from the second stimulus check. IRS Notice 1444-C shows how much you received from the third stimulus check.
• Check your bank statements. If you had your payments direct deposited, you can find the amount of your first, second, and third stimulus check using your bank statements. They should be labeled as IRS TREAS 310 and have a code of either TAXEIP1 , TAXEIP2 , or TAXEIP3 .
• Request an account transcript. You can request an account transcript sent electronically or by mail using Get Transcript. You can also call the IRS automated phone transcript service at 800-908-9946 or mail in Form 4506-T to have your transcript be sent by mail.
• Create an account on IRS.gov/account. You can view your stimulus check amounts under the Tax Records tab. If you filed jointly with your spouse, you will only see your half of the stimulus check amounts. Your spouse will need to sign into their own account to see the other half of the stimulus check amounts.

To create an account, you will need:

Wondering Where Your Stimulus Check Is

If you are sure that the IRS has your banking details for a direct deposit payment and/or it has your current mailing address but you still havent received your stimulus check, contact the IRS to check the status. You can check the status of your stimulus payment online by using this IRS Get My Payment tool. You can also call the IRS as it recently announced it was hiring 3,500 telephone representatives to filter and answer stimulus check questions. If you prefer to call, you can reach an economic impact payment representative at 919-9835. An alternative option is to dial the IRS customer service main line at 829-1040.

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Second Round Of Direct Payments: December 2020

The second round of aid, a $900 billion package which was part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 was signed off by Trump on 27 December 2020. It provided a one-off check of up to $600, but this time, households were also able to claim an additional $600 for child dependents aged 16 or under. Those who earned under $75,000 in the 2019 tax year received the full stimulus check, while a steadily smaller figure was given to those on a higher annual income, up to a maximum phase-out limit of $87,000. The first payments, through direct deposit and paper checks with some later payments made by EIP 2 Cards, were issued between 29 December 2020 and 15 January 2021.

Those who didnt receive a stimulus payment either through the CARES Act or the December Covid-19 Relief bill were able to claim for it retroactively when they filed their federal tax returns for 2020 through the IRS Recovery Rebate Credit.

Stimulus And Relief Package : American Rescue Plan

On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021, implementing a $1.9 trillion package of stimulus and relief proposals. Some facets of the plan, such as raising the minimum wage to $15 an hour, were excluded to pass the plan using budget reconciliation, a Senate procedure that allows bills to be passed using a simple majority.

Roughly $350 billion of the total funding was allocated to state and local governments. The key points of the plan as it was passed are the following:

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Is There A Deadline To Get My Third Stimulus Check

If you will be filing a full tax return, you have until the IRS closes their tax filing software on November 20, 2021. After this date, you can still claim the third stimulus check in 2022 by filing your taxes for Tax Year 2021.

If youre not required to file taxes, the deadline to use GetCTC.org is November 15, 2021. You can get the Recovery Rebate Credit using GetCTC.org, a simplified tax filing portal for non-filers. GetCTC is an IRS-approved service created by Code for America in partnership with the White House and U.S. Department of Treasury. You can use the portal even if youre not signing up for the Child Tax Credit advance payments.

When Should I Receive The Stimulus Check

For those who have e-filed tax returns with the IRS in the past or otherwise provided the IRS with their direct deposit information, the IRS started to direct-deposit stimulus money last weekend.

Other individuals will receive their payments by mail. The IRS will start mailing some checks in mid-March. If you received the first or second stimulus check by direct deposit, there’s no guarantee you’ll receive the third check by direct deposit, especially if you filed your tax return after your first or second stimulus payment and didn’t use direct deposit for your tax refund.

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When Will I Get My Check

The IRS has already started issuing electronic payments through direct deposit. This method of payment takes far less time than printing and mailing a paper check. The IRS will use bank account information from your 2018 or 2019 tax return , or from the Social Security Administration, Railroad Retirement Board, or Veterans Administration, to deposit stimulus payments into your account. If you don’t file a tax return or receive federal government benefits, there is a web-based portal that you can use to provide your banking information to the IRS online.

The IRS also has an online “Get My Payment” tool where you can check your payment status, confirm your payment type , and enter your bank account information for direct deposit if the IRS doesn’t already have that information and they haven’t sent your payment yet.

If the IRS doesn’t have your bank account information, they will mail you a paper check. However, the first batch of paper checks isn’t expected to be mailed until late April. After that, the reported plan is to send out as many as 5 million checks each week, with lower-income people getting paid first. Higher-income taxpayers might not see a relief check until September under the IRS timetable.

For more information on the expected IRS payment schedule, see When Will I Get My Stimulus Check?

Stimulus Check Direct Deposit: It Passed So What Now

By setting up direct deposit for your stimulus check youll get your check much faster than if you wait for it to come via snail mail. However, if you haven’t set it up already, it’s too late now. You’ll need to wait on the mail for your check.

Mailed checks will start arriving later in May and into June. If a second round of stimulus checks happens, direct deposit might open up again.

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Will Nonresident Aliens Get A Check

Nonresident aliens are not eligible to receive a stimulus check. Generally, you are a nonresident alien if you’re not a U.S. citizen, you don’t have a green card, and you are not physically present in the U.S. for the required amount of time. For more information on nonresident alien status, see IRS Publication 519.

For more information on stimulus check eligibility, see Who’s Not Getting a Stimulus Check.

Discuss The Economic Impact Payment With The Beneficiary

A representative payee is only responsible for managing Social Security or SSI benefits. The Economic Impact Payment is not an SSA benefit and belongs to the beneficiary. Discuss the payment with the beneficiary, and if they request access to the funds, youre obligated to provide it.

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Stimulus And Relief Package 4

On Dec. 21, 2020, Congress passed the CAA, a 900 billion stimulus and relief bill, attached to the main omnibus budget bill. Then-President Trump signed the bill on Dec. 27, 2020, but urged Congress to increase the direct stimulus payments from $600 to $2,000. Its contents, as of Dec. 28, 2020, included:

If you were eligible for stimulus payments and missed out on getting them, you can file for a Recovery Rebate Credit. You can claim this refundable tax credit when you file your 2021 tax return, and 2020 as wellâif you havenât yet filed for that year.

How Did Gdp Change In 2020

Gross domestic product , one of the most cited numbers in economic reporting, is used to estimate the size of the US economy. GDP is calculated as the value of goods and services produced in the United States, and its growth rate is often the focus of presidential policy agendas.

Inflation-adjusted GDP has grown 2.1% on average over the past 20 years, but it fell from $21.7 trillion in 2019 to $20.9 trillion in 2020. This was equivalent to a 3.5% GDP decrease, the greatest since 1946.

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What If My Mailing Address Changed Since I Received My Previous Stimulus Checks How Will I Get My Third Stimulus Check

If you are expecting to receive your third stimulus check by mail, it will be mailed to the last address you filed with the IRS. If your address has changed since then, there are different options you can take to make sure your stimulus check gets to you:

Option 1: File your 2020 federal tax return to update your address. If you havent filed your 2020 tax return yet, this is an easy way to update your address. File a tax return with your current address and your payment will be sent through the mail once the IRS receives your updated address.

Option 2: Provide your banking information in the IRS Get My Payment tool. If the post office was unable to deliver your stimulus check, it will be returned to the IRS. Two to three weeks after the payment has been issued, Get My Payment will display the message Need More Information. You will have the option to have your payment reissued as a direct deposit by providing your banking information.

If you dont provide your banking information, the IRS will mail your payment once your address is updated.

Option 3: Notify the IRS that your address has changed by telephone, an IRS form, or a written statement. It can take 4-6 weeks for the IRS to process your request.

What If I’m Missing A Stimulus Payment

Most people who were eligible already received their stimulus payments.

If you are missing a stimulus payment or got less than the full amount, you may be able to claim a Recovery Rebate Credit on your 2020 or 2021 federal tax return, depending on which payment you are missing.

Missing first and second payments may only be claimed on a 2020 tax return.

Missing third payments may only be claimed on a 2021 tax return.

You need to file a tax return for the correct year to claim a missing payment, even if you dont usually file a tax return. If your return was already filed and processed, you will need to amend it to claim the credit.

You will need the total payment information from your online account or IRS letter to accurately calculate your Recovery Rebate Credit.

Check with the IRS to learn more about the Recovery Rebate Credit and claiming it on your federal tax return.

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