STIMULUS PAYMENTS: WHAT TO EXPECT

Legislation has officially passed for taxpayers to obtain a third stimulus payment.

The third round of Economic Impact Payments will be based on the taxpayer’s latest return from either 2020 or 2019.

Payment Breakdown

• $1,400 for single filers
• $2,800 for married filing jointly
• An additional $1,400 for each dependent
• Individuals earning up to $75,000 would get full payments as well as joint filers with an income up to $150,000. Payments will decline for incomes above these caps with total phaseouts of $80,000 for individuals and $160,000 for married couples.

Payment Status
To track your payment or to find out if you are eligible, you can visit the Get My Payment Tool on the IRS website. You will need the following information in order to track your payment:

• Social Security Number or Individual Tax ID Number
• Date of Birth
• Street Address from your most recent return
• Five-digit ZIP or postal code from your most recent return

Direct deposit payments began on March 12 and are continuing. It is important to note that this tool is only relevant to the status of the third stimulus payment and not the first two. If you have not received the earlier payments or received less than the full amount owed to you, you could be eligible to collect what you are owed by claiming the Recovery Rebate Credit on your 2020 tax return.

Other Relevant Facts

• College students and adult dependents will qualify for payments depending on their eligibility and the AGI of the person who claims them on their taxes.
• Stimulus payments cannot be garnished to pay back child support.
• If you have changed banks since the last stimulus payment, taxpayers can expect to receive a check or debit card in the mail.
• If you did not file a tax return for the 2019 or 2020 tax return, you are still eligible for payments. You will not receive an automatic payment, but you can file a 2020 return and claim the Recovery Rebate Credit. The IRS highly encourages looking into filing options.