HOUSTON — After months of speculation and congressional negotiations, a third stimulus check is on its way to Americans.
President Joe Biden signed into law the $1.9 trillion COVID relief plan, which includes $1,400 payments to eligible Americans.
Those checks will first come in the form of a direct deposit for many — some first reported getting their money over the weekend of March 13.
Payments on the way
White House Press Secretary Jen Psaki said Friday the IRS and Treasury Department are working hard to get payments out.
"This is of course just the first wave, but some people in he country will start seeing those direct deposits in their bank accounts this weekend and payments to eligible Americans will continue throughout the course of the next several weeks," Psaki said.
It's a process so many of us are all too familiar with from 2020 — anxiously awaiting that direct deposit, only to find out it was sent to the wrong bank account or as a debit card instead. These details are still being worked out for the third payment, but one thing is clear, the White House has said it wants to make sure the money goes out as quickly as possible.
But we can expect that this time around the IRS will be extra stressed because, unlike during the previous payments, it is also tax season.
IRS stimulus check tracker for third payment
The IRS "Get My Payment" tool is now live.
The IRS said on its website that the first batch of payments will be sent by direct deposit.
Additional batches of payments will be sent in the coming weeks by direct deposit and through the mail as a check or debit card.
What will the portal tell you
The "Get My Payment" tool will tell you:
- Payment date
- Payment method (direct deposit or mail) – Note: mail means you may be issued an EIP Card or a check
If your payment status is not available, that means the IRS has not yet processed your payment, or you are not eligible for a payment.
If you get a message that says "Need More Information," that means your payment was returned to the IRS because the post office was unable to deliver it.
For more information, click here.
Who gets $1,400 stimulus checks?
The House and Senate versions of the bill agreed that individual tax filers making up to $75,000 per year will get $1,400. Couples, who file jointly, making up to $150,000 will get $2,800. There will also be $1,400 tacked on for each dependent in the household.
Where they differed was how quickly the stimulus money would be phased out to zero. The original House bill passed on Feb. 27 called for the phase out to be complete at $100,000 for individuals and $200,000 for couples. But the Senate version passed on March 6 lowered it to $80,000 and $160,000, respectively. That Senate version is what the House passed on Wednesday.
Roughly 8 million fewer households will get a check under the Senate bill compared with what the House passed, according to an analysis from the Tax Policy Center.
TEGNA and the Associated Press contributed to this report