How Much Was the Third Stimulus Check?
The third stimulus check, also known as the Economic Impact Payment, was a significant financial relief measure introduced by the U.S. government to help Americans cope with the economic hardships brought about by the COVID-19 pandemic. Many individuals and families eagerly awaited the release of this payment, but the question on everyone’s mind was: how much was the third stimulus check? In this article, we will delve into the details of this crucial financial aid and provide you with all the information you need to know.
The third stimulus check was authorized as part of the American Rescue Plan Act of 2021, which was signed into law by President Joe Biden on March 11, 2021. This act provided for a third round of Economic Impact Payments to eligible individuals, aiming to further support the economy and assist those most affected by the pandemic.
The amount of the third stimulus check varied depending on the recipient’s filing status, age, and number of qualifying children. Here’s a breakdown of the key details:
1. Single filers with no children received $1,400 each.
2. Married couples filing jointly received $2,800.
3. Head of households received $2,000 each.
4. Eligible individuals with children received an additional $1,400 per child.
For those who were eligible for the full amount, the third stimulus check provided a substantial financial boost during a challenging time. However, some individuals may have received less than the full amount due to various factors, such as their adjusted gross income (AGI) or their tax filing status.
It’s important to note that the third stimulus check had an income phaseout limit. For individuals with an AGI of $75,000 or less, the payment was reduced by $5 for every $100 of income over the threshold. For married couples filing jointly, the phaseout limit was $150,000, and for heads of households, it was $112,500. This meant that individuals and families with higher incomes received a reduced payment or no payment at all.
The IRS began distributing the third stimulus checks in March 2021, and the majority of eligible individuals received their payments by the end of April 2021. The distribution process was done through direct deposit, paper check, or pre-paid debit card, depending on the information the IRS had on file for each recipient.
In conclusion, the third stimulus check was a vital financial lifeline for many Americans during the COVID-19 pandemic. With an amount of $1,400 for eligible individuals, $2,800 for married couples filing jointly, and $2,000 for heads of households, this payment provided much-needed relief for millions of families. As the pandemic continues to impact the economy, the third stimulus check played a crucial role in helping Americans navigate these challenging times.
