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The majority of Americans will soon get a third stimulus payment from Uncle Sam.
On Friday, the IRS announced those direct payments would officially start being deposited on Wednesday, March 17. However, the IRS Commissioner said some taxpayers would start seeing pending payments this weekend in their bank account.
Americans who have their bank accounts on file with IRS will get their payment via direct deposit. Taxpayers without their direct deposit on file, will get it mailed. Like in 2020, direct deposits will start going out before mailed checks. If the IRS sticks to its 2020 timeline, mailed checks should start going out later next week.
Who is eligible for the checks this time around? Individual taxpayers who earned up to $75,000 in their latest tax filing—either 2019 or 2020—and couples who file jointly and earned up to $150,000.
Americans with higher incomes could still get a reduced payment. Those reduced payments phase out for single incomes above $80,000 or couples who jointly earn more than $160,000.
Eligibility is based on adjusted gross income, which can be found on a taxpayer’s tax return.
Taxpayers who meet the eligibility requirements would also get a $1,400 check for each of their adult or child dependents.