The Stimulus Check and Treasury Department worked quickly to begin sending the third round of Economic Impact Payments (EIP) starting in March 2021. EIP payments may arrive as a direct deposit to an eligible bank account or as a paper check sent in a white envelope from the U.S. Department of the Treasury. The Get My Payment tool that launched Wednesday can be used to monitor when the payment will arrive. Eligible families will receive $1,400 for themselves and their qualifying dependents claimed on their tax return, including college students, adults with disabilities, parents and grandparents. This is a change from the first and second rounds of payments, which only paid out to children under 17.
Unlocking Financial Relief: What You Need to Know About IRS Refund Stimulus
There is no minimum income level to qualify for this round of EIPs. However, the maximum income limit is lower than for previous rounds of payments. It starts at $75,000 for individuals ($150,000 for married filing jointly) and ends at $80,000 for single filers or $160,000 for married filing jointly. People above these levels are ineligible for a third round of EIPs and will be able to claim the Recovery Rebate Credit on their 2020 tax returns.
If you did not file a federal tax return in 2019 or included the wrong direct deposit information, you may be due an additional EIP. This amount will be processed along with your normal refund when you file your return in 2021. For more information, visit the IRS R? fund Stimulus Ch? ck page.
…