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As part of the third coronavirus stimulus (the American Rescue Plan Act) recently passed by Congress, you may receive an Economic Impact Payment, or EIP (also known as a stimulus check), in the coming weeks.
While the Treasury Department and the Internal Revenue Service will begin distributing Economic Impact Payments to eligible individuals and households as early as March 13, U.S. Bank does not have specific information as to when your payment may arrive. However, we can notify you when it has been deposited into your account.
Individual filers with income exceeding $80,000, head of household filers exceeding $120,000 and joint filers exceeding $160,000 are not eligible.
Visit the Economic Impact Payments page at IRS.gov for more information about eligibility.
Payments to those earning more than the defined threshold amounts are phased out at a more aggressive rate, resulting in a lower eligibility cutoff. As a result, many Americans who qualified for the first and second stimulus checks won’t be eligible for this round.
However, payments for qualifying dependents in the third stimulus will match the payment amounts sent to qualifying taxpayers themselves. For many people, this will mean a larger supplemental payment than in previous stimulus distributions. And, unlike the first and second stimulus programs, the third stimulus doesn’t exclude dependents over 18 years of age. This means that millions of college students, elderly and disabled dependents of eligible tax filers will qualify for the supplemental payments.
As always, you can use online banking or the U.S. Bank Mobile App to monitor your account balance and transactions as often as you wish.
To be notified in real time, we recommend setting up a transaction alert (in either online banking or the app). You can choose to be notified by text1 or email whenever a deposit or withdrawal is made on your account.
Visit the Get My Payment site at IRS.gov to monitor the status of your payment.
Payments will be calculated based on your 2020 federal income tax filing, or your 2019 return if you haven’t yet filed for 2020. The IRS will calculate and automatically send the Economic Impact Payment to those who are eligible.
Direct deposit payments are being made by the IRS first, with paper checks and prepaid cards to follow. Estimated dates for delivery aren’t yet available, but since the IRS is already busy processing 2020 tax returns, a somewhat slower rollout than with the second stimulus check is possible.
Visit the Get My Payment site at IRS.gov to find out. You can also check the status of your payment.
That depends on how your income has changed.
If you haven’t filed your taxes for 2019 or 2020 and weren’t planning to, you can still receive a third stimulus payment if you’re eligible.
If you receive an Economic Impact Payment in the form of a paper check through the mail, a fast and safe way to deposit your money is with mobile check deposit.2 We encourage you to download the U.S. Bank Mobile App and use this free service.
We’ve increased mobile deposit limits for many customers and removed the restriction on government checks to make it easier to deposit other checks, such as paychecks and Social Security payments, from home.
If you file your taxes using an online tax-preparation service or software, it’s possible that your payment will be sent to a temporary bank account that has since been closed. Tax preparers customarily set up such so-called Refund Transfer accounts so they can deduct authorized fees before passing the balance along to the recipient and closing the account.
If your payment is sent to a closed account, the financial institution is required by law to “bounce” the funds back to the IRS. If this happens (or if you receive no payment or the wrong amount for other reasons), your only recourse may be to claim a Recovery Rebate Credit when you file your 2020 taxes.
The Internal Revenue Service and the Treasury Department have finished delivering the first and second Economic Impact Payments. You can verify your final payment status by visiting Get My Payment at irs.gov.
If you were eligible for the first and/or second stimulus and either didn’t receive an Economic Impact Payment or received one in the wrong amount, you can claim a Recovery Rebate Credit to correct the error. You must file a 2020 federal tax return to claim this credit, even if you are otherwise not required to file.
Visit our COVID-19 information page to learn about what we’re doing to help during this crisis.
Look out for suspicious emails and text messages, and be extra careful when giving out personal information. Check out ways to protect yourself from scammers.
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Return to content, Footnote 1Eligibility requirements and restrictions apply. Please see the Digital Services Agreement for more information.
Return to content, Footnote 2year U.S. Bank