IRS DELIVERING THIRD ROUND OF STIMULUS

IRS delivering third round of stimulus. The Internal Revenue Service stated that the third round of Economic Impact Payments will begin reaching Americans over this next week. Following approval by the American Rescue Plan Act, the first batch of payments will be sent by direct deposit, which some recipients will start receiving as early as this weekend, and with more receiving this coming week. Additional batches of payments will be sent in the coming weeks by direct deposit and through the mail as a check or debit car. The 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 first and second round of Economic Impact Payments in 2020. People can check the Get My Payment tool on IRS.gov 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. “The 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.” IRS delivering third round of stimulus.

In general, most people will get $1400 for themselves, and $1400 for each of their qualifying dependents claimed on their tax return. As with the first two Economic Impact Payment in 2020, most Americans will receive their money without having to take any action. Some Americans may see direct deposit payments as pending or as provisional payments in their accounts before the official payment date of March 17. Because these payments are automatic for most eligible people, contacting either financial institutions or the IRS on payment timing will not speed up their arrival. Social Security and other federal beneficiaries will generally receive this third payment the same way as their regular benefits.