$1,400 Stimulus Checks: When to Expect Payment & Calculate How Much You’ll Get

Direct payments could begin rolling out in late March. 

The third stimulus check could begin rolling out in late March. Chung Sung-Jun/Getty Images

American tax payers can expect the third stimulus payment to arrive as soon as late March as President Joe Biden’s $1.9 trillion “American Rescue Plan” moves through Congress faster than expected. On Saturday, Senate Democrats passed the latest COVID-19 relief package after making several changes from the House version passed last month. 

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The bill is scheduled to go before the House for final vote on Tuesday. If approved, it will then head to President Biden’s desk for his signature.

The new rescue package includes direct payments of up to $1,400 per person to millions of Americans and their family members. The stimulus shares many similarities with the previous two rounds of direct payments, yet has a few notable differences.

Here is what you need to know about the upcoming payment.

Who Is Eligible Under the New Bill?

Individuals who earned $75,000 or less on their most recent tax filing will receive the full $1,400. Couples earning less than $150,000, heads of households earning $112,500, and their dependent children are eligible to receive $1,400 each.

A reduced payment will be sent to individuals earning between $75,000 and $80,000, couples earning between $150,000 and $160,000, and heads of households earning between $112,500 and $120,000. 

If your income falls in those ranges, there are several free online calculators that give you an estimate of how much to expect:

Omni Calculator

Forbes Advisors Calculator

Key Differences To Previous Stimulus Checks

The third direct payment will stop altogether for individuals making over $80,000, married couples over $160,000, and heads of households over $120,000. The thresholds were significantly lower than what was proposed in the House version of the bill ($100,000 for individuals, $200,000 for couples, and $150,000 for heads of households) as moderate Senate Democrats pushed for changes during negotiations last week.

About 17 million fewer people will receive direct payments as a result of the rule change, according to the Institute on Taxation and Economic Policy.

Meanwhile, more dependents will receive payments this time around. Besides children under 17, college students and some people with disabilities are also eligible.

How Will Tax-Filing Date Affect My Payment? 

As with previous payments, the IRS will determine eligibility based on either 2019 or 2020 tax return. Which tax-year information it uses depends on whether you have filed your 2020 taxes and whether the IRS has processed your filings.

If you haven’t filed taxes for either year, you can file now using the IRS’s free file fillable form in order to receive a stimulus check.

When Will I Receive the Check? 

The bill is expected to be signed into law before March 14, when current federal unemployment benefits are set to expire. Direct payments will likely start showing up in bank accounts as soon as late March.

Those who have signed up for direct deposit will likely be the first to receive their stimulus checks. If you haven’t done so, you can register using IRS’s “Get My Payment” tool.

$1,400 Stimulus Checks: When to Expect Payment & Calculate How Much You’ll Get