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A new swath of $1,400 stimulus checks, including mailed payments, are on their way. And here’s a helpful hint: If the memo field on the check says “Economic Impact Payment,” you probably don’t want to throw it in the junk mail pile.
On Monday the IRS said that another batch of $1,400 stimulus payments will be showing up in Americans’ bank accounts this week, while a “large number” of payments will be sent via mail.
Taxpayers who don’t have direct deposit set up should be on the lookout for either a paper check or prepaid debit card, also known as an Economic Impact Payment Card, or EIP Card. For those who aren’t using direct deposit, the IRS says Americans should keep a close eye on their mail “in the coming weeks” for those payments. For filers who do have direct deposit set up, the new payments “began processing on Friday and will have an official pay date of Wednesday, March 24,” the agency said, though some checks may show up in bank accounts sooner as provisional or pending payments.
The IRS officially started depositing direct payments on March 17. That first batch included 90 million direct payments for a total value of more than $242 billion. In all, the $1.9 trillion economic aid package passed earlier this month includes roughly $400 billion for this round of stimulus checks.
Who is eligible for a stimulus check?
The latest relief bill, which was signed into law on March 11, sends $1,400 stimulus checks to single filers who make up to $75,000 a year, and $2,800 to couples filing together who earn up to $150,000 per year.
For taxpayers making over those income thresholds, the payments would phase out faster, and cut off altogether for individuals earning over $80,000 or couples making more than $160,000.
The IRS is determining eligibility for the stimulus checks based on your adjusted gross income (AGI), which is found in your most recent tax filing with the IRS (either 2019 or 2020).
How much for dependents?
While the CARES Act passed in March 2020 sent a $1,200 check to tax filers, it sent only $500 for child dependents and left out adult dependents altogether.
This time around, $1,400 is sent per dependent—for both children and adults. Additionally, if you have a child any time during 2021, you’ll be able to claim that direct payment on your 2022 tax return, provided you are otherwise eligible.
How can I check on the status of my stimulus check?
Still waiting for your stimulus check? Taxpayers can track their third stimulus payment on the “Get My Payment” portal on the IRS.gov website.
