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Coronavirus stimulus check
Economic Impact Payments
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.
Who’s eligible for a third Economic Impact Payment?
- Individual tax filers with adjusted gross income up to $75,000 and head-of-household filers with adjusted gross income up to $112,500 will receive the full payment of $1,400, plus $1,400 for each eligible dependent.
- Married couples filing jointly with adjusted gross income up to $150,000 will receive the full payment of $2,800 plus $1,400 for each eligible dependent.
- For filers with incomes above the $75,000/$112,500/$150,000 thresholds, payments are reduced at a much sharper rate than with the first and second stimulus payments. Payments decrease to zero for single filers at $80,000, for heads of household at $120,000 and for married couples at $160,000.
- Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return.
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.
What’s different about this third stimulus payment compared to the previous two?
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.
How will I know when my stimulus payment has been deposited?
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.
How is my third payment amount calculated?
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.
- If you are a senior citizen, Social Security recipient, veteran or retired railroad worker who is not otherwise required to file federal tax returns, the IRS will use the information on Form SSA-1099 or Form RRB-1099 to calculate and direct your payment.
- For additional questions, please visit the Economic Impact Payments page at IRS.gov.
When and how will I get my stimulus payment?
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.
- If you’ve supplied direct deposit information to the IRS (either on your tax returns or in connection with the previous stimulus distributions), your Economic Impact Payment will be deposited directly into your bank account on file with the IRS.
- If you haven’t supplied direct deposit info to the IRS, a paper stimulus check or prepaid EIP card will be mailed to you.
Not sure if the IRS has your account information?
Visit the Get My Payment site at IRS.gov to find out. You can also check the status of your payment.
I haven’t filed my 2020 taxes yet. What should I do?
That depends on how your income has changed.
- If your income fell in 2020, you may qualify for a larger Economic Impact Payment by filing as soon as possible. If your 2020 federal income tax return is on file by the time the IRS processes your stimulus check, the amount of your payment will be calculated based on that reduced income.
- However, if your income increased in 2020, it may be in your best interest to wait to file your taxes until after your stimulus payment arrives.
What if I’m not required to file taxes?
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 Social Security or Railroad Retirement benefits, you’ll receive your Economic Impact Payment automatically without providing further information. However, if you have eligible dependents and did not provide this information to the IRS in connection with the first or second stimulus, you will not receive the supplemental $1,400-per-child payment as part of the third stimulus.
- Note that eligibility for supplemental payments for dependents has changed. If you have dependents over the age of 18 who did not qualify for the first or second stimulus, they may still qualify for the third. To claim a supplemental payment for which you qualify under the third stimulus, you will likely need to claim a Recovery Rebate Credit the next time you file federal taxes.
- If you’re not required to file 2019 or 2020 taxes for other reasons and have not provided information to the IRS in connection with the prior stimulus programs, you won’t receive a third stimulus payment even if you’re eligible.
- In order to collect unreceived stimulus payments for which you qualify (including the supplemental payments for qualifying dependents), you can claim a Recovery Rebate Credit when you file your 2020 taxes.
What if I receive a paper stimulus check?
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.
What if I qualify but don’t receive my third stimulus payment?
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.
What if I haven’t received previous stimulus payments for which I was eligible?
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.
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