The payments are worth up to $1,400 per person and were included in the $1.9 trillion Covid relief bill signed by President Joe Biden earlier in the day.
Click here to access the IRS Get My Payment tool to check the status of your payment.
Where is my stimulus payment?
The time frame is in line with how fast the December payments went out, which started being processed three days after then-President Donald Trump signed the bill.
But the payments won't all go out at once. Those whose bank information is on file with the Internal Revenue Service will likely get the money first, because it will be directly deposited into their accounts. Others may receive paper checks or prepaid debit cards in the mail.
The money typically first appears in bank accounts as pending or provisional payments. Some banks have told customers that funds that appear this weekend will be available starting Wednesday.
While the first batch of payments started to be processed Friday, more will roll out in the "coming weeks," a Treasury official said on a call with reporters Friday.
Direct deposits will go out first, but paper checks and debit cards will go out before the end of the month.
No action is required for most people to receive the money. Social Security recipients and those who receive Veteran Affairs benefits should also get the money automatically even if they don't file taxes.
"If folks don't see a direct deposit in the next several days, there is no reason to be concerned. These taxpayers will receive payments in subsequent tranches," an IRS official on the call said.
MORE: What to know about third stimulus checks and tax filing season
Is the IRS Get My Payment tool back online? What does "Payment Status Not Available" mean?
The IRS relaunched its IRS Get My Payment tool Saturday so eligible Americans can track the status on their third stimulus payments.
The IRS said one of three messages will be displayed:
- Payment Status: This means either (a) that payment has been processed, a payment date is available and payment is to be sent either by direct deposit or mail or (b) that you are elligible, but a payment has not been processed.
- Payment Status Not Available: This means either (a) the IRS has not yet processed your payment or (b) you are not eligible for a payment.
- Need More Information: This means the IRS was unable to deliver a payment. The IRS said the easiest way to resolve this issue is by filing a 2020 tax return, but Americans can also notify the IRS of an address change.
If the IRS has incorrect bank information, it will mail a check to your address on file.
Do I qualify for a stimulus payment?
The full $1,400 amount goes to individuals earning less than $75,000 of adjusted gross income, heads of households (like single parents) earning less than $112,500 and married couples earning less than $150,000.
The payments gradually phase out as income goes up, and lawmakers narrowed the scope for this third round of payments so that not everyone who received a previous check will be sent one now.
It cuts off at individuals who earn at least $80,000 a year of adjusted gross income, heads of households who earn at least $120,000 and married couples who earn at least $160,000 -- regardless of how many children they have.
But unlike prior rounds, families will now receive additional money for adult dependents over the age of 17. Families will receive an additional $1,400 per dependent, so a couple with two children could receive up to $5,600.
The new income thresholds are based on a taxpayer's most recent return.
The money is expected to reach about 90% of families, according to an estimate from the Penn Wharton Budget Model.
On what year are the income limits based?
The new income thresholds will be based on a taxpayer's most recent return. If they've already filed a 2020 return by the time the payment is sent and it has been processed, the IRS will base eligibility on their 2020 adjusted gross income. If not, it will be based on the 2019 return or the information submitted through an online portal set up last year for people who don't usually file tax returns.
At this time, the IRS does not have plans to reopen the portal. Instead, officials are encouraging people to file 2020 tax returns. Low-income people can use the agency's free file option.
If your 2019 income was less than your pay in 2020, you will not owe back any money. But if your income fell in 2020, filing your tax return now -- before the payments go out -- may mean you'll get a bigger check.
Most people receive the payments automatically, but there are many who missed out -- for a variety of reasons. An estimated 8 million eligible people didn't get the first round of payments that were delivered last year.
Many of these people have very low incomes and are not normally required to file tax returns. Last year, the IRS set up an online portal where they could register for the money. It's not yet clear whether the agency will open up the portal again for the third round of payments.
People who have moved or changed bank accounts since the last time they filed tax returns may have also missed out.
Those who were due money during the first two rounds of payments and did not receive it can claim it as a tax credit, known as the Recovery Rebate Credit, on their 2020 tax returns.
ABC Owned TV Stations contributed to this report.
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