Most U.S. citizens with annual incomes below certain thresholds will receive a stimulus payment. Individuals earning up to $75,000 annually and married couples earning up to $150,000 will receive full payments. The amount of the payment decreases incrementally for individuals earning up to $80,000 and married couples earning up to $160,000. Payments will be based on tax information from the most recent returns filed with the Internal Revenue Service. Eligible taxpayers who filed taxes in 2019 or 2020 and have provided direct deposit information will receive their payments directly into their bank accounts. Those who have not provided direct deposit information will receive paper checks by mail.
Individuals Who Meet Income Requirements
The American Rescue Plan Act of 2021 provides stimulus payments to eligible individuals based on their income. The amount of the payment varies depending on factors such as filing status, income, and the number of qualifying dependents.
Income Eligibility Thresholds
- Single filers: $75,000 or less
- Head of household filers: $112,500 or less
- Married couples filing jointly: $150,000 or less
The payment is phased out gradually for individuals with incomes above these thresholds. The phase-out begins at $80,000 for single filers, $120,000 for head of household filers, and $160,000 for married couples filing jointly.
| Filing Status | Income Threshold | Full Payment |
|---|---|---|
| Single | $75,000 or less | $1,400 |
| Head of household | $112,500 or less | $1,400 |
| Married filing jointly | $150,000 or less | $2,800 |
Individuals who are dependents of another taxpayer are not eligible for a stimulus payment.
Taxpayers Who Have Filed 2020 Returns
Individuals who have already filed their 2020 tax returns are eligible for the third round of stimulus payments. The IRS will use the information provided on the returns to determine the amount of the payment and the method of delivery (direct deposit or mail).
The following criteria must be met to qualify for the payment:
- You must have filed a 2020 tax return.
- Your adjusted gross income (AGI) must be within the specified limits.
- You must meet the residency requirements.
- You cannot be claimed as a dependent on someone else’s tax return.
The IRS will send out payments to eligible taxpayers based on the following schedule:
| Filing Status | AGI | Stimulus Payment |
|---|---|---|
| Single | Less than $75,000 | Full payment ($1,400) |
| Head of Household | Less than $112,500 | Full payment ($1,400) |
| Married Filing Jointly | Less than $150,000 | Full payment ($2,800) |
| All Filing Statuses | Over $80,000 (Single); $120,000 (Head of Household); $160,000 (Married Filing Jointly) | Phased-out payment |
If you have not yet filed your 2020 tax return, you should do so as soon as possible to ensure that you receive your payment promptly.
Eligible Dependents
Eligible dependents for stimulus checks include:
- Children under the age of 19
- Full-time students under the age of 24
- Disabled dependents of any age who are unable to care for themselves
To qualify as a dependent, the individual must meet the following requirements:
- Have a valid Social Security number
- Live with the taxpayer for more than half the year
- Receive more than half of their support from the taxpayer
The IRS uses the following table to determine the amount of the stimulus check for taxpayers with eligible dependents:
| Filing Status | Amount for Taxpayer | Amount per Eligible Dependent |
|---|---|---|
| Single | $1,200 | $500 |
| Married Filing Jointly | $2,400 | $500 |
| Head of Household | $1,800 | $500 |
Social Security Recipients
In previous stimulus packages, Social Security recipients have automatically received payments. This is because the Social Security Administration (SSA) has their bank account information on file. The SSA will use this information to send payments directly to recipients.
Here are some additional details about stimulus payments for Social Security recipients:
- Payments will be made automatically to Social Security recipients who receive benefits through direct deposit.
- Recipients who do not receive benefits through direct deposit will receive a paper check or a Direct Express debit card.
- The amount of the payment will be the same as the amount of the Social Security benefit that is received in January 2021.
- Payments will be made in April 2021.
It is important to note that Social Security recipients who are also receiving Supplemental Security Income (SSI) will not receive a separate stimulus payment. This is because SSI recipients are already receiving a payment from the federal government.
Eligibility Payment Amount Payment Date Social Security recipients who receive benefits through direct deposit Same as the amount of the Social Security benefit that is received in January 2021 April 2021 Social Security recipients who do not receive benefits through direct deposit Same as the amount of the Social Security benefit that is received in January 2021 April 2021 Well, there you have it, folks! Now you’ve got the lowdown on who’s getting that sweet stimulus cash. If you still have questions or just wanna hang out, be sure to swing by again soon. We’ll keep you in the know about all the latest happenings. Until then, stay safe and keep your heads up!