Introduction
Hey readers! Are you wondering about the exact amount of the third stimulus check? You’re in the right place! This article will provide you with all the crucial information you need to know about the third round of government payments during the COVID-19 pandemic.
As the pandemic continues to impact the economy and individuals, the government has enacted various measures to provide financial relief. One such measure was the distribution of stimulus checks, designed to assist Americans in navigating the challenging times. In this article, we’ll delve into the specifics of the third stimulus check, including its amount, eligibility criteria, and other relevant details.
How Much Was the Third Stimulus Check?
The third stimulus check amounted to $1,400 per eligible individual. This amount was the same for dependents, including children and adult dependents claimed on tax returns. So, if you were eligible and filed your taxes as a single filer, you received a payment of $1,400. If you filed jointly with your spouse, you received a combined payment of $2,800, and an additional $1,400 for each eligible dependent.
Eligibility for the Third Stimulus Check
To receive the third stimulus check, you had to meet certain eligibility criteria. These criteria included:
- Income limits: Individuals and couples with adjusted gross incomes (AGIs) below certain thresholds were eligible for the full amount of the check.
- Filing status: You had to file as a U.S. citizen, resident alien, or non-resident alien with a valid Social Security number.
- Dependency status: Dependents were eligible for the check if they met the income limits and were claimed on someone else’s tax return.
Payment Details
The third stimulus check was issued in various ways, including direct deposit, paper check, and EIP Card. The method of payment was based on the information the IRS had on file for previous tax returns.
- Direct deposit: Most eligible individuals received their payments directly into their bank accounts.
- Paper check: If you didn’t provide direct deposit information, the IRS mailed you a paper check.
- EIP Card: For those who didn’t have a bank account or received paper checks in the past, the IRS issued Economic Impact Payment (EIP) Cards.
Timeline of the Third Stimulus Check
The third stimulus checks were distributed in phases, with the first payments going out in March 2021. The IRS continued to process and issue payments throughout the year, and most eligible individuals received their checks by the end of summer 2021.
Tax Implications of the Third Stimulus Check
The third stimulus check was not considered taxable income, meaning you didn’t have to pay taxes on the amount you received. However, the payments could affect your eligibility for certain tax credits and benefits based on your income.
Additional Financial Assistance
In addition to the third stimulus check, the government provided other forms of financial assistance during the pandemic, including:
- Unemployment benefits: States provided enhanced unemployment benefits to individuals who lost their jobs or had their hours reduced due to the pandemic.
- Small business loans: The Paycheck Protection Program (PPP) provided loans to small businesses to help them cover payroll and other expenses during the crisis.
- Rental assistance: The Emergency Rental Assistance Program (ERAP) provided financial assistance to renters who were struggling to pay rent and utilities.
Conclusion
The third stimulus check was a significant financial relief measure that provided assistance to millions of Americans during the COVID-19 pandemic. Understanding the eligibility criteria, payment details, and tax implications of the check is crucial for managing your finances effectively. If you have any further questions, we encourage you to consult the official IRS website or speak with a tax professional.
Also, don’t forget to check out our other articles for more information on related topics, such as:
- How to File for Unemployment Benefits
- Guide to Small Business Loans
- Rental Assistance Programs for Struggling Renters
FAQ about Third Stimulus Check
How much was the third stimulus check?
- $1,400 per eligible individual
Who was eligible for the third stimulus check?
- US citizens and resident aliens with a valid social security number
- Income below certain thresholds ($75,000 for single filers, $150,000 for married couples)
Was there an age limit for eligibility?
- No, there was no age limit.
How was the third stimulus check distributed?
- By direct deposit, paper check, or prepaid debit card
When was the third stimulus check issued?
- Starting March 12, 2021
Can I still get the third stimulus check?
- If you were eligible and did not receive the full amount, you may be able to claim the Recovery Rebate Tax Credit on your 2021 tax return.
How do I trace the status of my third stimulus check?
- Use the IRS "Get My Payment" tool at https://www.irs.gov/coronavirus/get-my-payment
Can I use the third stimulus check for anything?
- Yes, the check can be used for any purpose, including rent, groceries, or savings.
Is the third stimulus check taxable?
- No, the third stimulus check is not taxable.
What if I received more or less than $1,400?
- You may need to adjust your tax return to claim the correct amount of the Recovery Rebate Tax Credit.
