Happy EIP Day as $1,400 stimulus checks land
The third and biggest wave of COVID stimulus payments dropped on Wednesday morning. Wire payments of $1,400 (or less) began showing up in Americans' bank accounts on St. Patrick's Day.
Portlanders waiting for the green saw their digits grow as early as 1:25 a.m. Pacific Time.
President Biden signed the American Rescue Plan Act of 2021 into law last Thursday, March 11.
The $1,400 relief checks are a rebate on income taxes. Those filing joint tax returns will receive $2,800. Filers will receive a further $1,400 for each of dependent claimed on taxes. In theory, a family of four should receive $5,600. However….
Based on recent tax returns, payments decrease beginning at adjusted gross incomes over $75,000 for individuals and $150,000 for joint filers. There are no payments for joint filers with incomes above $160,000.
On Wednesday, March 16, the Department of the Treasury, the IRS, and the Bureau of the Fiscal Service said they had disbursed approximately 90 million Economic Impact Payments, with a value of over $242 billion.
To get an update on your stimulus payment go to Get My Payment search tool and enter a Social Security number, date of birth and address.
Ironically, those who have not filed their 2020 taxes yet may get theirs sooner, as the Treasury goes by their 2019 taxes in the interim.
The IRS has extended the deadline for tax-filing by a month, to May 15, according to CNBC.
The U.S. Department of the Treasury Office of Public Affairs put out a statement Thursday, March 18, explaining the Economic Impact Payments.
"Through this third round of Economic Impact Payments, the U.S. Department of the Treasury (Treasury Department) and the Internal Revenue Service (IRS) are ensuring that Americans will receive fast and direct relief during the final phase of the COVID-19 crisis. As of yesterday, approximately 90 million Economic Impact Payments had been disbursed, thereby ensuring that more than $242 billion of much-needed relief will be received by millions of Americans and their families within days of enactment of the American Rescue Plan. Unlike the prior rounds of Economic Impact Payments, the American Rescue Plan requires a 2021 "true-up" additional payment, when applicable, based on information (such as a recently filed 2020 tax return) that the IRS receives mid-year during 2021. This additional Economic Impact Payment will ensure that Americans and their families receive greater amounts of financial assistance during 2021, rather than waiting to claim a Recovery Rebate Credit on a tax return in 2022.
Those eligible will automatically receive an Economic Impact Payment of up to $1,400 for individuals or $2,800 for married couples, plus $1,400 for each dependent. Unlike the prior rounds of Economic Impact Payments, families will get a payment for all their dependents claimed on a tax return, not just their qualifying children under 17.
Normally, a taxpayer will qualify for the full amount if they have an adjusted gross income of up to $75,000 for singles and married persons filing a separate return, up to $112,500 for heads of household, and up to $150,000 for married couples filing joint returns and surviving spouses. Payment amounts are reduced for filers with incomes above those levels.
The Treasury Department and the IRS continue to expand outreach to the millions of homeless, rural poor, and other disadvantaged Americans to ensure that they receive Economic Impact Payments. This includes new and continued relationships with homeless shelters, legal aid clinics, and providing Economic Impact Payment information in more than 35 languages."
You count on us to stay informed and we depend on you to fund our efforts. Quality local journalism takes time and money. Please support us to protect the future of community journalism.