Here's what could delay or lower your third stimulus check CBS News

Clay Curtis
March 13, 2021

The latest round of relief payments will provide households with $1,400 for each adult, child and adult dependent, such as college students or elderly relatives.

"Following approval of the American Rescue Plan Act, the first batch of payments will be sent by direct deposit, which some recipients will start receiving as early as this weekend, and with more receiving this coming week", the IRS said in a statement. Also, contributing more to tax-favored retirement or health savings accounts or deferring income, such as waiting to sell a business stake or stock, could keep your income within the limit to qualify for the full stimulus check amount.

Previously, the Biden administration said the earliest checks were expected to be sent was later this month.

Officials said in the interest of speeding up the relief payments, the IRS will use the latest tax return available, either the 2019 return filed past year or the 2020 return that is due by April 15.

It is estimated that 85% of Americans will be eligible for the payments and the goal is to have millions of the payments disbursed in the next few weeks. We'll update this post when we know more.

The check will be distributed by the IRS, likely by direct deposit if the agency has your banking information.

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The first payments will go to taxpayers whose direct deposit information is on file with the IRS. That includes anyone who used the IRS non-filers tool previous year, or submitted a special simplified tax return. Those making more than $80,000 per year individually will not receive a check.

As of Friday, the online portal was not yet updated with information about the third checks.

But the non-filers website has been closed since late a year ago, and IRS and Treasury officials said on a Friday conference call with reporters that they are urging non-filers to file a 2020 tax return to ensure they get all the payments and tax credits they are owed.

On Monday, people can check the "Get My Payment" tool on IRS.gov to see the payment status of their payment. For instance, if you had a baby in 2020 but haven't yet filed your tax return, the IRS will rely on your 2019 tax return to determine how much you are owed, which won't show the new child because they hadn't yet been born. "People who are dependents deserve to get money too, as well as people who were getting it before". Because the first two rounds of checks excluded dependents above the age of 17, the IRS didn't count older teens and adult dependents on the non-filer tool. It would also potentially unlock other tax benefits that those households otherwise might not have claimed, such as the Child Tax Credit or Earned Income Tax Credit, both of which were expanded in the American Rescue Plan.

The IRS and Treasury Department will begin sending out checks as soon as this weekend, but it could still take weeks for some Americans to receive their payments, CNET reported.

What should you do if you're at or near the income threshold to receive a payment?

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