5 things to know about the next round of stimulus checks

The third round of stimulus checks is on the way — and it’s the biggest one yet. Here are five things to expect about your check:

How big are the stimulus payments?

The base payment is $1,400 for individuals or $2,800 per couple, plus an additional $1,400 for each dependent in the household. That’s on top of the $600 checks distributed in December and the $1,200 checks from last March.

The first stimulus payments paid a flat rate of $500 per dependent, so families with children can expect to see a lot more money this time around.

However, some people may see smaller payments due to stricter income limits.

What are the income cutoffs?

Individuals making less than $75,000, heads of household making less than $112,500 and couples filing jointly who make less than $150,000 will see the full amount, as was the case with the last round of payments. Those making more than that will get progressively less money depending on their earnings, and those above the maximum income threshold will not get a stimulus check.

That threshold is $80,000 for individuals, $120,000 for heads of household and $160,000 for joint filers. That’s a stricter cutoff than last time, when maximum incomes were set at $87,000 for individuals, $124,500 for heads of household and $174,000 for joint filers.

Several online calculators have been created to help users determine how much money to expect.

How is my income determined?

For those who have already filed their 2020 taxes, that tax return will be used. For those who haven’t, the IRS will use the 2019 tax return.

When will I get my check?

President Joe Biden last week announced that checks will start going out this month. Many Americans can expect their money by the end of March, according to the White House, though an exact timeline has not been set.

The IRS started sending out the last two rounds of stimulus checks within days of the payments being approved.

As with previous payments, most people will have the money deposited directly into their bank accounts.

What if I didn’t get one or both of the first two payments?

Though most Americans got their money from the first two rounds of people, some slipped through the cracks. Those who never received their payments — or got less than they’re expecting — can claim the Recovery Rebate Credit on their 2020 Federal Tax Return, according to the IRS. If they are eligible, they will receive the money in their tax refund.