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

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

© Provided by CBS News Millions of families will get child tax credi.

The first to receive the third round of stimulus checks will be Americans whose direct deposit banking information is on file with the IRS and the Treasury Department, Psaki said.

About 85% of people will receive one of the $1,400 checks, Mr. Biden said on Friday.

To prove income eligibility, IRS will issue payments based on your last tax return filed.

The IRS has several options for people to file for free - and about 70% of Americans qualify for it.

Then-President Donald Trump called the payments in the $900 billion relief bill passed in December too small and Biden agreed, pushing the total for an individual up to $1,400 in the new package.

Garrett Watson, Senior Policy Analyst at the Tax Foundation, said some people who earn more than the $80,000 income threshold could still be eligible to receive stimulus payments.

Officials said they wanted to handle the payments this way rather than waiting for the 2020 tax return to be filed in the interest of speeding payments to taxpayers.

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People whose bank information is on hand with the IRS will most likely get their checks first because they would be directly deposited into their bank accounts, while others will have to wait for prepaid debit cards and paper checks to arrive in the mail.

But the non-filers website has been closed since late previous year, 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. If the IRS received and processed a taxpayer's 2020 return, the agency will make the calculation based on that return instead. And you could see that payment pretty fast!

Officials said that beginning on Monday, people can check the "Get My Payment" tool on the IRS.gov website to track their own payments.

If a person's job situation changed past year because of the pandemic, which led to millions of people losing jobs or being forced to work reduced hours, officials said that the IRS will adjust the size of the new impact payments after the 2020 return has been filed and provide a supplemental payment if that is called for.

"You don't need to do anything to get your stimulus check", a TurboTax spokesperson told CBS MoneyWatch in an email. 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. 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.

Those with incomes above these limits will have their payments gradually phased out.

Families in which some members have different citizenship and immigration classifications are eligible for a payment, if at least one person has a Social Security number.

However, this doesn't apply to people who get Social Security, SSDI, SSI, Railroad Retirement System or VA benefits and aren't required to file.

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