18 THE QUEENS COURIER • MARCH 18, 2021 FOR BREAKING NEWS VISIT WWW.QNS.COM
tax guide
IRS begins delivering third round of stimulus checks
Th e Internal Revenue Service (IRS)
announced that the third round of
Economic Impact Payments have started
reaching Americans.
Following approval of the American
Rescue Plan Act, the fi rst batch of payments
will be sent by direct deposit. Some
recipients have already received that payment,
with others set to receive it in the
coming days.
Additional batches of payments will be
sent in the coming weeks by direct deposit
and through the mail as a check or debit
card. Th e vast majority of these payments
will be by direct deposit.
No action is needed by most taxpayers;
the payments will be automatic and,
in many cases, similar to how people
received the fi rst and second round of
Economic Impact Payments in 2020.
People can check the Get My Payment
tool on IRS.gov on Monday to see the
payment status of the third stimulus payment.
“Even though the tax season is in full
swing, IRS employees again worked
around the clock to quickly deliver help to
millions of Americans struggling to cope
with this historic pandemic,” said IRS
Commissioner Chuck Rettig. “Th e payments
will be delivered automatically to
taxpayers even as the IRS continues delivering
regular tax refunds. We urge people
to visit IRS.gov for the latest details on
the stimulus payments, other new tax law
provisions and tax season updates.”
Highlights of the third round
of Economic Impact Payments;
IRS will automatically
calculate amounts
In general, most people will get $1,400
for themselves and $1,400 for each of
their qualifying dependents claimed on
their tax return. As with the fi rst two
Economic Impact Payments in 2020,
most Americans will receive their money
without having to take any action. Some
Americans may see the direct deposit
payments as pending or as provisional
payments in their accounts before the offi -
cial payment date of March 17.
Because these payments are automatic
for most eligible people, contacting either
fi nancial institutions or the IRS on payment
timing will not speed up their arrival.
Social Security and other federal benefi
ciaries will generally receive this third
payment the same way as their regular
benefi ts. A payment date for this group
will be announced shortly.
Th e third round of Economic Impact
Payments (EIP3) will be based on the taxpayer’s
latest processed tax return from
either 2020 or 2019. Th is includes anyone
who successfully registered online at
IRS.gov using the agency’s non-fi lers tool
last year, or alternatively, submitted a special
simplifi ed tax return to the IRS. If the
IRS has received and processed a taxpayer’s
2020 return, the agency will instead
make the calculation based on that return.
In addition, the IRS will automatically
send EIP3 to people who didn’t
fi le a return but receive Social Security
retirement, survivor or disability benefi
ts (SSDI), Railroad Retirement benefi ts,
Supplemental Security Income (SSI) or
Veterans Aff airs benefi ts. Th is is similar to
Photo via Getty Images
the fi rst and second rounds of Economic
Impact Payments, oft en referred to as
EIP1 and EIP2.
For those who received EIP1 or EIP2
but don’t receive a payment via direct
deposit, they will generally receive a check
or, in some instances, a prepaid debit card
(referred to as an “EIP Card). A payment
will not be added to an existing EIP card
mailed for the fi rst or second round of
stimulus payments.
Under the new law, an EIP3 cannot
be off set to pay various past-due federal
debts or back taxes.
Th e IRS reminds taxpayers that the
income levels in this new round of stimulus
payments have changed. Th is means
that some people won’t be eligible for the
third payment even if they received a fi rst
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 couples fi ling jointly). Th e
reduced payments end at $80,000 for individuals
($160,000); people above these
levels are ineligible for a payment. More
information is available on IRS.gov.
New payments diff er
from earlier Economic
Impact Payments
Th e third round of stimulus payments,
those authorized by the 2021 American
Rescue Plan Act, diff ers from the earlier
payments in several respects:
Th e third stimulus payment will be
larger for most people. Most families
will get $1,400 per person, including all
dependents claimed on their tax return.
Typically, this means a single person with
no dependents will get $1,400, while a
family of four (married couple with two
dependents) will get $5,600.
Unlike the fi rst two payments, the third
stimulus payment is not restricted to children
under 17. Eligible families will get a
payment based on all of their qualifying
dependents claimed on their return, including
older relatives like college students, adults
with disabilities, parents and grandparents.
— Courtesy of the IRS
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