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How does the third stimulus payment affect my 2021 taxes?

SOLVEDby TurboTax8998Updated February 09, 2022

The American Rescue Plan provided relief for millions of Americans through a third round of stimulus checks, unemployment benefit extensions, and expansions of the Child Tax Credit and the federal Earned Income Tax Credit (EITC).

If you received a stimulus payment, you don't have to pay taxes on it or pay it back. If you didn't receive the correct amount of stimulus payment, you can claim the Recovery Rebate Credit when you file your 2021 taxes and it'll provide the same amount of payment as the stimulus would have.

If you qualified for a third stimulus check, you could have received up to $1,400 for each taxpayer in your household plus $1,400 for each dependent.

  • Families earning less than $150,000 a year and individuals earning less than $75,000 a year got the full $1,400 per person
  • Families earning up to $160,000 per year and individuals earning up to $80,000 per year received prorated amounts
  • One notable difference from the first two stimulus is that you received stimulus payments for all your dependents, including adult dependents and college students

You can find out how much you received:

  • On your IRS Letter 6475, or
  • By visiting the IRS View Your Account Information page and creating or accessing your account, or
  • In your bank statements. You might be able to search your online statements for deposits made by the IRS or US Treasury

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