The third Economic Impact Payments are sent out to eligible individuals by the Internal Revenue Service. The first to receive their TAXEIP3 were the ones that received their stimulus on March 17. The biggest stimulus taxpayers received yet, the third Economic Impact Payment is up to $1,400.
If you make more than $75,000 though, the check gets smaller and phases out at $80,000. Your adjusted gross income on your 2024 tax return is what will be used to determine eligibility for the payment amount. If you haven’t filed your 2024 tax return yet, your AGI on the 2023 tax return is what will be used to determine the payment amount.
Although the EIP3 has an increased amount than the first two stimulus checks, the income thresholds have been reduced. For the first two Economic Impact Payments, the maximum limit to receive payment was $99,000. This has been moved down to $80,000. So if you made a single dollar over $80,000, you aren’t eligible for any payment. However, those who filed their taxes as the head of household get a higher income threshold at $112,500. That said, heads of households with an AGI of $112,500 or less are eligible for the full payment.
EIP3 – Paper Checks and Debit Cards
The eligible individuals who don’t have their payment information with the IRS are the last ones to receive their payments. These individuals will either get a check or an EIP card which is a debit card that has the funds. At the time of writing – as of late-March – the checks have already been sent and they should arrive at their respective owners by the end of the month or mid-April.
While it might be quite confusing to speculate when the EIP3 will be sent, it’s best to check the stimulus status through IRS Get My Payment tool. This will enable those who haven’t received their payments to look up the status of it while obtaining important information about their payments such as when it’s due and whether or not it’s sent yet.
Change of bank accounts
One of the most commonly came across problems with Economic Impact Payments is the change of bank accounts. If the bank account information with the IRS you had was changed, you will need to change the bank information details with the IRS. This can be done using Get My Payment but the IRS might have already sent your EIP3 with a check or debit card.