Will I Receive A Notice From IRS About The Third Economic Impact Payment?

The Third Economic Impact Payment

The Third Economic Impact Payment

IRS will mail Notice 1444-C, Your Third Economic Impact Payment, to the address we have on file for you after your payment is issued.

Please keep all IRS notices/letters you receive concerning the third round of Economic Impact Payments with all tax records. You may need to refer to it when you file your 2021 tax return in 2022.

An update will be provided on the timeline for delivery of the notices when one is available.

Will I Receive A Notice From IRS About The Third Economic Impact Payment?
Will I Receive A Notice From IRS About The Third Economic Impact Payment?

 

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Generally, if you’re a U.S. citizen or U.S. resident alien, you are eligible for $1,400 ($2,800  for a joint return), plus $1,400 for each qualifying dependent, if you (and your spouse if filing a joint return) aren’t a dependent of another taxpayer on a 2020 tax return, have a valid Social Security number (SSN) (see exception when married filing jointly and exception for qualified dependents) and your adjusted gross income (AGI) does not exceed:

  • $150,000 if married and filing a joint return or if filing as a qualifying widow or widower
  • $112,500 if filing as head of household or
  • $75,000 for eligible individuals using any other filing statuses, such as single filers and married people filing separate returns.

Payments will be phased out – or reduced — above those AGI amounts. This means taxpayers will not receive a third payment if their AGI exceeds:

  • $160,000 if married and filing a joint return or if filing as a qualifying widow or widower
  • $120,000 if filing as head of household or
  • $80,000 for eligible individuals using other filing statuses, such as single filers and married people filing separate returns.

For example, a single person with no dependents and an AGI of $77,500 will normally get a $700 payment (half the full amount). A married couple with two dependents and an AGI of $155,000 will generally get a payment of $2,800 (again, half the full amount). Filers with AGI of at least $80,000 (single and married filing separately), $120,000 (head of household), and $160,000 (married filing joint and surviving spouse) will get no payment based on the law.

You aren’t eligible for a payment if any of the following apply:

  • You could be claimed as a dependent on another taxpayer’s 2020 tax return
  • You’re a nonresident alien.
  • You don’t have a valid SSN issued to you by the due date of your tax return (including an extension to October 15 if you request it).

Also, payments will not be made to estates or trusts or for individuals who died before January 1, 2021.

 

when should I expect my third Round Of Economic Impart Payments?

The IRS started processing payments on Friday, March 12, 2021. Some individuals saw the direct deposit payments as pending or as provisional payments in their accounts before the March 17 payment date. The first batch of payments primarily went to eligible taxpayers who provided direct deposit information on their 2019 or 2020 returns, including people who don’t typically file a return but who successfully used the Non-Filers tool on IRS.gov last year.

Beginning March 19, IRS will issue payments based on 2020 and 2019 returns with and without direct deposit information on file. This process will continue throughout the year.

In addition, the IRS will automatically send payments to people who didn’t file a return but receive Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement Benefits (RRB), Supplemental Security Income (SSI) or Veterans Affairs (VA) benefits. Social Security and other federal beneficiaries will generally receive this third payment the same way as their regular benefits.

The IRS is working directly with the other federal agencies to obtain updated 2021 information for recipients to ensure we are sending automatic payments to as many people as possible. More information about when these payments will be made is provided in the news release issued on March 30, 2021. While payments will be automatic for beneficiaries based on their federal benefits information, some may need to file a 2020 tax return even if they don’t usually file to provide information the IRS needs to send payments for their spouse and any qualified dependents. People in this group should file a 2020 tax return to be considered for an additional payment for their spouse and qualifying dependents.

IRS will also issue additional payments to those who received a third payment based on a 2019 tax return and who may be eligible for an additional amount based on their 2020 tax return.

You can check the status of your payment at IRS.gov/getmypayment.

 

If neither spouse has a valid SSN, you will only receive up to $1,400 for each qualifying dependent claimed on the tax return.

A valid SSN for the third Economic Impact Payment is one that is issued by the Social Security Administration before the due date of your tax return (including an extension to October 15 if you request it).

Active Military: If either spouse is an active member of the U.S. Armed Forces at any time during the taxable year, only one spouse needs to have a valid SSN for the couple to receive up to $2,800 for themselves, plus up to $1,400 for each qualifying dependent.

 

Payment won’t be issued for someone who has died before January 1, 2021. If you filed a joint return in 2020 and your spouse died before January 1, 2021, the decedent will not be included in the calculation of the third payment. You as the surviving spouse, if eligible, will be issued up to $1,400 for you and $1,400 for any qualifying dependents.

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