New round of stimulus checks

She will get the 3rd stimulus payment in the same fashion as the first and second - if she provided a banking account number and related routing, the IRS will send to the same institution with that same information. 

She did not get the first two rounds as she was claimed as my dependent on prior year and didn't qualify based on household income. That is why she can get the Economic Recovery Credit now. 

The Recovery Rebate Credit asks the amount received in the 2019 Stimulus check, then, based on the 2020 return, it will also ask how much stimulus check was received in 2020.  If entitled to it, but didn't receive it, then it will be included in the return refund.  If not entitled to it, then she won't get it added to her return refund.

 

The As long as she is not being claimed as a dependent and qualifies, then IRS will process her income tax return and should send her a Third Stimulus check as long as nobody else can claim her, whether they did or not.

 

From the IRS:

 

 

A1. Generally, if you are a U.S. citizen or U.S. resident alien, you will receive an Economic Impact Payment of $1,200  ($2,400  for a joint return) if you (and your spouse if filing a joint return)  are not a dependent of another taxpayer and have a Social Security number valid for employment and your adjusted gross income (AGI) does not exceed:

• $150,000  if married and filing a joint return
• $112,500 if filing as  head of household or
• $75,000  for eligible individuals using any other filing status
  Your payment will be reduced by 5% of  the amount by which your AGI exceeds the applicable threshold above.

You are not eligible for a payment if any of the following apply to you:

• You may be claimed as a dependent on another taxpayer’s return (for example, a child or student who may be claimed on a parent’s return or a dependent parent who may be claimed on an adult child’s return).
• You do not have a Social Security number that is valid for employment.
• You are a nonresident alien.
  The following are also not eligible: a deceased individual or an estate or trust.

 

For additional information refer to the following link:

Recovery Rebate Credit and 2020 STimulus Check Questions

 

Thanks.  Issue is I already filed her return as a dependent for 2020.  I need to amend her return once Turbotax is updated for the new unemployment exclusion.  I will then file for her not as a dependent (and amend my return as well).   I assume after that amended return is filed, the third stimulus payment would be sent?

That is our understanding at this point.  The amended return would be considered the latest filed return and would be used to determine the amount of the stimulus payment you are entitled to, if one has not been sent to you already.

 

 Please see the link below for more guidance as it relates the third stimulus payment.

 

IRS information on third stimulus payment