WASHINGTON, D.C. – Good news for those waiting for their COVID-19 stimulus funds. The Internal Revenue Service is releasing the next batch of Economic Impact Payments (EIP) this week.
Taxpayers expecting direct deposits should receive them by or before Wednesday, March 24. Many of the payments will be mailed, so look for a check or debit card in your mail if you don't see a direct deposit in your bank account by March 24.
You can check the Get My Payment tool on IRS.gov to see if your payment has been scheduled.
According to IRS Commissioner Chuck Rettig, “The IRS continues to send the third round of stimulus payments in record time.” He continued, “Since this new set of payments will include more mailed payments, we urge people to carefully watch their mail for a check or debit card in the coming weeks.”
The first batch of the $1,400 stimulus payments was predominantly distributed by direct deposit on March 12th, immediately after The American Rescue Plan Act was enacted on March 11th. More payments will be sent out on a weekly basis.
Paper checks will be in envelopes from the U.S. Department of Treasury and marked "Economic Impact Payment." Receipts of direct deposit are also being issued by mail.
The EIP card has the Visa name on the front and the issuing bank, MetaBank, N.A. on the back. Mailings will have instructions on how to activate and use the card. It is important to note that none of the EIP cards issued for any of the three rounds is re-loadable; recipients will receive a separate card and will not be able to reload funds onto an existing card.
EIP Card recipients can make purchases online or in stores where Visa Debit Cards are accepted. They can get cash from domestic in-network ATMs, transfer funds to a personal bank account and obtain a replacement EIP Card if needed without incurring any fees. They can also check their card balance online, through a mobile app, or by phone without incurring fees.
The EIP Card provides consumer protections against fraud, loss, and other errors. The EIP Card is sponsored by the Bureau of the Fiscal Service and is issued by Treasury's financial agent, MetaBank, N.A. The IRS does not determine who receives a prepaid debit card.
Click HERE for more information about EIP cards.
Most eligible people will receive $1,400 for themselves, $2,800 if filing jointly and $1,400 for dependents claimed on their tax return. Payments are based on qualifying dependents claimed on their return, including older relatives like college students, adults with disabilities, parents, and grandparents. Unlike the first two payments, the third stimulus payment is not restricted to children under 17.
While payments will be automatic for many people based on their federal benefits information, some may need to file a 2020 tax return, even if they don't usually file, to provide information the IRS needs to send payments for any qualified dependent. People in this group should file a 2020 tax return to be considered for an additional payment for their dependent as quickly as possible.
People who don’t normally file a tax return and don’t receive federal benefits may qualify for these stimulus payments. This includes those experiencing homelessness and others. If you're eligible and didn't get a first or second Economic Impact Payment (EIP1 or EIP2) or got less than the full amounts, you may be eligible for the 2020 Recovery Rebate Credit, but you'll need to file a 2020 tax return. See the special section on IRS.gov: Claiming the 2020 Recovery Rebate Credit if you aren't required to file a tax return.
Free tax return preparation is available for qualifying people.
Some people won't be eligible for the third payment even if they received a first or second Economic Impact Payment or claimed a 2020 Recovery Rebate Credit. Payments will begin to be reduced for individuals making $75,000 or above in Adjusted Gross Income ($150,000 for married filing jointly). The payments end at $80,000 for individuals ($160,000 for married filing jointly).
More information is available on IRS.gov
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March 25, 2021 at 06:10AM
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