March 14, 2021
Sharon McCutcheon/via Unsplash
Economic impact payments have begun arriving into eligible recipients' bank accounts this weekend, according to the IRS.
The Internal Revenue Service began processing and depositing the third round of economic impact payments into eligible bank accounts Friday after President Joe Biden signed the American Rescue Plan Act into law.
Similar to the first two rounds of federal stimulus checks that were distributed during the COVID-19 pandemic, the IRS has set up a tool on its website called Get My Payment which allows eligible recipients to track when and how one's check will arrive.
Upon accessing the tool, recipients will be asked to enter either their social security number or individual tax ID number, date of birth, street address and zip code.
Once the information is entered, Get My Payment will inform recipients what the status of their checks is. Such information will include what date the payment is scheduled to arrive and how it will be delivered, either through direct deposit or mail.
The tool will be updated once per day overnight, according to the IRS. Previous federal stimulus check information, however, is not available on Get My Payment.
Those who have set up direct deposit will receive their federal stimulus checks first, according to the IRS, with some already hitting bank accounts this weekend. Direct deposit payments will continue this week and over the next several before the IRS turns to mailing out paper checks and prepaid debit cards to qualifying recipients.
Payments will be sent to the bank account or address that is on file from the previous two rounds of federal stimulus checks or from when one last filed his or her taxes, according to the IRS.
Individuals who made $75,000 or less in 2019 or 2020 will receive $1,400. Couples who filed taxes jointly and earned $150,000 or less in 2019 or 2020 will receive $2,800. Heads of households who made $112,500 or less in 2019 or 2020 will also receive $1,400.
The maximum payment amounts will decrease to varying levels for individuals who made between $75,000-$80,000, couples who earned between $150,000-$160,000 and heads of households who made between $112,500-$120,000.
Individuals who made $80,000 or more will not be eligible to receive a federal stimulus payment. Couples who earned $160,000 or more will also not qualify for a check, as will heads of households who made $120,000 or more.
Each dependent, child or adult, will qualify for a $1,400 payment. For example, a family of four could receive $5,600 in total.
This is the first time that adult dependents qualify for a federal stimulus check during the COVID-19 pandemic. The first round of economic impact payments provided $500 per child dependent, while the second round of checks delivered $600 to dependents under the age of 17.
AARP has provided a calculator which allows Americans to see if they qualify for an economic impact payment and how much they could receive.
The $1.9 trillion American Rescue Plan Act passed both the U.S. Senate and House of Representatives this month along party lines. Democrats in both chambers supported the bill while Republicans uniformly opposed the measure.
Biden signed the COVID-19 relief package into law Thursday.
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