The IRS began processing the third round of direct payments for the COVID-19 pandemic today and millions of eligible people have already started receiving the checks by direct bank deposit or will receive them over the weekend. So you can track your payment.
Have you already checked your bank account? Your stimulus check for $ 1,400 may have arrived.
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The Treasury Department reported on Friday that the Internal Revenue Service (IRS) began processing today the third round of direct payments for the COVID-19 pandemic, and millions of eligible people began receiving checks for direct bank deposit or they will be received during this weekend.
Treasury and IRS officials told reporters Friday afternoon that most people do not need to take any action to receive their payments.
Those who are eligible for the relief check, but do not have their bank information on file with the IRS, will receive, as in the previous two payment rounds, a paper check or a prepaid debit card, also known as EIP cards.
“Even though tax season is in full swing, IRS employees again worked around the clock to quickly provide help to millions of Americans struggling to cope with this historic pandemic,” said the IRS Commissioner, Chuck Rettig, in a press release.
IRS officials recalled that those who will receive the full payments of $ 1,400 are those with an income of up to 75,000 or married couples who file a joint return with an annual income of up to 150,000.
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As with previous stimulus payments, the amount of the check will be reduced for those with income above these thresholds. This third round of payments will be based on the last tax return filed for 2020 or 2019.
You may check the status of your third payment using the Get My Payment, starting on Monday.
Stimulus checks, officially known as economic relief payments, are an important part of the $ 1.9 trillion aid package that President Joe Biden signed on Thursday.
However, the legislation also includes other provisions, such as the extension of the additional weekly unemployment payments of $ 300, until September 6, and increases the tax credit for minors for one year.
The stimulus package also includes nearly $ 20 billion for COVID-19 vaccination, as well as rental assistance and other public services.