By Shanta on March 15, 2021 in Community Outreach, Featured, Federal Resources, Resources, Tax Advice, Uncategorized
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.