The Internal Revenue Service has started depositing third stimulus checks last weekend to taxpayers’ bank accounts. More waves of payments will be delivered in the coming weeks via direct deposit or mail as a check or debit card.
On March 11, President Biden authorized another round of stimulus checks or Economic Impact Payments when he signed the American Rescue Plant Act, which gives American taxpayers payments directly to their pockets
According to the IRS, no actions are needed by most taxpayers to receive the amount, but some will have to go to the IRS website to enter or update their information.
An Eligible individual will be able to receive a maximum of $1,400 EIP or $2,800 per eligible couple filing taxes jointly. Each eligible dependent (including adult dependents) can also qualify for a payment of $1,400. The IRS will automatically calculate this for you based on submitted tax returns from prior years.
The IRS will also automatically send the third EIP to individuals who didn’t file a return but receive Social Security retirement, survivor or disability benefits (SSDI), Supplemental page 2 Security Income (SSI) Railroad Retirement benefits or Veterans Affairs benefits.
You can check out the IRS’s Get My Payment tool today to see the status of your 2021
Economic Impact Payment.
According to the IRS Commissioner, Chuck Rettig, “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.”
Despite the efforts, it is unfortunate that many taxpayers are still having problems receiving their payments and many are still waiting for their previous checks to arrive.
With the unprecedented load the IRS has to deal with this year and with little time, many practitioners and taxpayers are calling to extend the tax deadline and payments.
For more information about the 3rd EIP, you may refer to the IRS FAQ sheet.
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