The American Rescue Plan Act, signed into law on March 11, 2021, includes a third round of pandemic-related Economic Impact Payments (also known as a “stimulus check”). A statement during the press release indicated that Americans with direct deposit could expect payments within a few days.
Here’s what you need to know about claiming your check:
- Stay up to date by checking the IRS Coronavirus Resource website.
- To qualify, individuals generally must have a Social Security number and must not qualify as the dependent of another individual.
- Payments will be based upon your most recent tax return. Expect to receive $1,400 ($2,800 if married filing a joint return), plus $1,400 for each qualifying child under age 17.
- Payments are phased out for those with adjusted gross income (AGI) exceeding $75,000 ($150,000 if married filing a joint return). The payment threshold cuts off if AGI exceeds $80,000 if single or $160,000 if married filing jointly.
- Retirees who do not file taxes will have their payments based off the information on the Form SSA-1099 or Form RRB-1099.
- Payment will be deposited into your account if you have direct deposit information on file with the IRS.
- Payments without direct deposit information will be mailed as a check or prepaid debit card. Learn how to deposit your check with Mobile Banking and avoid a trip to the branch.
Want to know when your check is deposited? Create an Alert in Online Banking:
- Log into Online Banking.
- Select Services in the menu.
- Select Alerts.
- Create New Alert, History Alert.
- Select the account share set up for the direct deposit.
- Select Credit Transaction, enter your criteria.
- Select how you would like to receive the alert.
