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Third Stimulus Payments & Calculator

On March 11th, President Joe Biden signed into law the American Rescue Plan Act which include the Recovery Rebate Credit, AKA Economic Impact Payments.  The payment include $1400 for Taxpayers and Dependents.  Different from Stimulus 1 and 2, more dependents will be included.  This includes, children over the age of 16, disabled and some adult dependent.  Use the Stimulus Calculator, compliments of the Washington Post to calculate your 3rd round Economic Impact Payment.

Eligibility is based on the latest received 2019 or 2020 filed and processed tax return.  Individuals earning $75,000 or less & phase out at $80,000, married couples filing jointly earning $150,000 or less & phase out at $160,000, and heads of households earning $112,500 or less & phase out at $120,000 will receive a stimulus payment. Children, Disabled and Adult dependents will receive the full $1,400 if the taxpayer claiming them in fact qualifies.

Direct deposits begin hitting bank accounts as early as March 12th.   The remaining of payments will be distributed over the next few weeks by direct deposit, mailed checks and cards.  Method of distribution is determined by the most recent account information on file with the IRS.  At this time the IRS cannot answer calls regarding the status of Stimulus Payments.  Use the IRS Get My Payment Tool for information related to your payment.

For Eagle Eye Tax Solutions clients that elected to receive a bank product to pay for tax preparation using Santa Barbara TPG, see below how you will receive your 3rd Economic Impact Payment?

Eagle Eye Tax Solutions will not receive any Stimulus, ‘Economic Impact Payment by check or direct deposit.   All payments will be made directly to the taxpayer.  The IRS will issue direct deposits to taxpayers that requested a direct deposit disbursement or applied for a new debit card when they filed their return.

Taxpayers that requested a check printed from their tax professional’s office or Walmart Direct2Cash may receive their 3rd stimulus payment by paper check mailed to the last known address on file with the IRS, or on an Economic Impact Payment Card which is a prepaid debit card issued by US Treasury.

Visit the IRS Get My Payment FAQs page for more details.

Visit the Washington Post to access the complimentary Third Stimulus Payment Calculator.

Get started filing your 2020 Income Tax Return.  Returning Clients Start Here.  New Clients Start Here. 


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ShantaView all posts by Shanta