Those eligible will automatically receive an Economic Impact Payment of up to $1,400 for individuals or $2,800 for married couples, plus $1,400 for each dependent. Unlike Economic Impact Payment (EIP)1 and EIP2, families will receive a payment for all their dependents claimed on a tax return, not just their qualifying children under 17. Normally, a taxpayer will qualify for the full amount if they have an adjusted gross income of up to $75,000 for singles and married persons filing a separate return up to $112,500 for heads of household and up to $150,000 for married couples filing joint returns and surviving spouses. Payment amounts are reduced for filers with incomes above those levels.
Most eligible people will get the third Economic Impact Payment automatically and won't need to take additional action. The IRS will use available information to determine eligibility and issue the third payment to people who:
People can check the status of both their first and second payments by using the Get My Payment tool, on IRS.gov.
The IRS will use the data already in its systems to send the third stimulus payments. Taxpayers with direct deposit information on file will receive the payment that way. Those without current direct deposit information on file will receive the payment as a check or debit card in the mail.
People who don’t receive a direct deposit should watch their mail for either a paper check or a debit card. Please note that the form of payment for the third stimulus payment may differ from the first two.
If you receive a paper check, you can deposit the check at one of our Community Offices or ATMs or remotely by Mobile Xpress Deposit, which is available in the F&M Trust mobile banking app. For more information on our convenience services, please Click Here.
There are multiple ways to transfer the funds from your EIP debit card to your F&M Trust account at no cost to you. You will need your F&M Trust routing and account number to complete the transfer. Visit EIPCard.com for more information. Or call (800)240-8100.
As with EIP2, joint filers where only one souse has a Social Security number (SSN) will normally get the third payment. This means that these families will now get a payment covering any family member who has a work-eligible SSN.
For taxpayers who file jointly with their spouse and only one has a valid SSN, the spouse with a valid SSN will receive up to a $1,400 third payment and up to $1,400 for each qualifying dependent claimed on the 2020 tax return.
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 in the third stimulus payment.
Most Social Security retirement and disability beneficiaries, railroad retirees and those receiving veterans’ benefits in 2020 should not need to take any action to receive a payment. As with the first two stimulus payments, the IRS is to send out the new payments the same way benefits are normally paid. The IRS is working directly with other federal agencies to obtain updated 2021 information for recipients.
Some people who will receive an automatic third payment based on their federal benefits information may need to file a 2020 tax return even if they don't usually file. If your third payment does not include a payment for your qualified dependent who did not receive a third payment, you must file a 2020 tax return to be considered for an additional third payment even if you don't normally file.
If you're eligible and didn't get a first or second Economic Impact Payment or got les than the full amounts, you may be eligible for the 2020 Recovery Rebate Credit but you'll need to file a 2020 tax return. See the special section on IRS.gov: Claiming the 2020 Recovery Rebate Credit if you aren't required to file a return.
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