Third Stimulus Check: $1,400 Stimulus Checks Headed to College Students? It Depends.
In an enormous effort to provide much-needed cash to millions of financially struggling Americans, the Internal Revenue Service has sent out one hundred fifty-six million coronavirus relief checks worth $372 billion under the American Rescue Plan.
Working and unemployed adults and parents are surely eligible for the direct stimulus payments, but can students who are currently enrolled in colleges and universities also get their hands on the cash?
According to the IRS, it depends. If one is defined as a dependent college student—meaning parents claim him or her on their income tax return—the individual who claims the student can get up to a one-time $1,400 stimulus check. Then it would be up to the parent to decide whether or not to pass on those funds onto their child.
However, if the student is deemed financially independent—meaning that they are able to provide more than half of their own financial support—he or she may indeed be eligible for that third stimulus check.
But like the rest of the adult population, keep in mind that there are income thresholds to meet in order to qualify for the direct payment.
Here’s a quick rundown: Individuals who earn as much as $75,000 in adjusted gross income (AGI), or couples making $150,000—in addition to their children or adult dependents—qualify for the full $1,400 per individual.
Moreover, single parents with at least one dependent who earn $112,500 or less also get the full amount. And families in which some members have different citizenship and immigration classifications are eligible for a payment, if at least one person has a valid Social Security number.
The payments, however, phase out much more quickly than in previous rounds—an individual with an income of $80,000, or a couple with $160,000, will not be receiving any check.
As for when one can expect to see the cash land in the bank account, similar to the previous payments, direct deposit recipients would be the first to get the money, followed by those receiving physical checks, which can potentially take weeks to arrive by traditional mail, and EIP cards, a prepaid debit card that one must activate online before using.
Those who are still seeking a more concrete date on when the payment will arrive, know that they can always log on to the IRS “Get My Payment” tool here.
However, be aware that some individuals will receive a message that says, “Payment Status Not Available.” “If you get this message, either we have not yet processed your payment, or you are not eligible for a payment,” the IRS says. “We will continue to send the 2021 Economic Impact Payment to eligible individuals throughout 2021.”
Also, take note that some people reportedly have gotten a confirmation letter (Notice 1444 or Notice 1444-B) from the IRS stating that their payment was issued even though they have yet to receive it. In this situation, the affected individuals have the option to request an IRS payment trace.
Ethen Kim Lieser is a Minneapolis-based Science and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn.