Third Stimulus Package

On March 11, 2021, the third COVID stimulus package was signed into law, including direct payments.

The IRS emphasizes that there is no action required by eligible individuals to receive this third payment. Payments are automatic. Additional information related to eligibility or timing of these payments has not been made available.

Who qualifies for this round of direct payments?

If you file your tax return separately or as a single:

• Individuals with income up to $75,000 on their most recent tax return will receive the full $1,400.
• Individuals with income above $75,000 but no higher than $80,000 on their most recent tax return will receive a reduced amount.
• Individuals with income above $80,000 on their most recent tax return will not receive a direct payment.

If you file your tax return as head of household:

• Head of household filers with income up to $112,500 will receive the full $1,400.
• Head of household filers with income above $112,500 but no higher than $120,000 will receive a reduced amount.
• Head of household filers with income above $120,000 will not receive a direct payment.

If you file a joint tax return:

• Those with joint income up to $150,000 will receive the full $1,400.
• Those with joint income above $150,000 but no higher than $160,000 will receive a reduced amount.
• Those with joint income above $160,000 will not receive a direct payment.

Families who fall into the income categories above will also receive $1,400 per eligible dependent. For this round, there is no age restriction on eligible dependents, so college students up to age 23 may qualify, as well as elderly parents living with you.