Stimulus check 3 release date and updates on your money

By Chris Burns/March 12, 2021 9:37 am EST

The 3rd stimulus check, a part of the American Rescue Plan Act of 2021, was signed into law by President Joe Biden this week. Today we're taking a digital peek at the requirements for individuals aiming to receive money from the government, who will be eligible, and when this is all going down – posted on the IRS website, money sent to accounts, and so forth. As of March 10, 2021, the IRS was "reviewing implementation plans for the American Rescue Plan Act of 2021 that was recently passed by Congress."

An update posted by the IRS on the 10th suggested that "Additional information about a new round of Economic Impact Payments and other details will be made available on IRS.gov" as soon as the legislation was "signed by the President." Since then, President Joe Biden signed said legislation, meaning we're right on the brink of seeing the IRS post said detailed information for the public.

At the same time, we already have access to the legislation in its original form, so we're able to translate the most important bits for you before the IRS makes their own guide.

The one check

If you're an individual US taxpayer that has an income of less than $75,000 USD per year, you'll more than likely get a check from the government for $1400 USD. If you make between $75k and $80k a month, you'll get a check for less than $1400. If you make $80k or more, you'll get zero dollars.

If you're married, filing a joint tax return, and make (total) less than $150k a year, you'll get a check for $2800 USD. If you make more than $160k jointly, you'll get zero dollars.

The kids

Each dependent of a head of household – you, the tax filer – will also add on another $1400 USD. If you make more than the max-out amount for a stimulus check as an individual, head of household, or married couple filing jointly, you'll get no money for dependents.

So if you're married and making $160k a year jointly, you could have 35 dependents and still receive no money. If you're married, filing jointly, and have 35 children, it would appear that you'd be getting a check for $51,800 USD. It's unlikely this sort of situation will come into play for many people.

3rd stimulus check release date

According to White House Press Secretary Jen Psaki, relief payments could be sent out "within days." It's possible that some taxpayers could be getting money in their bank accounts this weekend. If you have your tax refund set up with the government with direct deposit, you'll likely get your money earlier than your neighbor who usually gets that money by mail.