Typically, this means a single person with no dependents will get $1,400, while a family of four (married couple with two dependents) will get $5,600," the IRS said Friday. Most families will get $1,400 per person, including all dependents claimed on their tax return. "The third stimulus payment will be larger for most people.
Some may not be eligible for the third payment even if they received a first or second stimulus payment or claimed Recovery Rebate Credit (RRC), the IRS explains. Income levels in the latest round of stimulus payments have changed. On Friday, President Joe Biden tweeted: "85 percent of American households will get direct checks from the American Rescue Plan." "No action is needed by most taxpayers the payments will be automatic and, in many cases, similar to how people received the first and second round of Economic Impact Payments in 2020," the IRS said Friday. Those without current direct deposit information on file will receive the payment as a check or debit card in the mail," according to the IRS website.
Taxpayers with direct deposit information on file will receive the payment that way. "The IRS will use data already in its systems to send the third stimulus payments. Newsweek has contacted TurboTax for comment.Įligibility for third stimulus payments is determined using residents' latest tax return from either 2020 or 2019. TurboTax replied: "We know stimulus checks are important and we confirmed with the IRS that they have accurate final bank account information for all TurboTax customers." Is TurboTax better prepared for the third round or should we anticipate a delay again?" Twitter user asked TurboTax on Monday: "With the second stimulus, TurboTax customers dealt with a delay due to an error. Users were warned at the time that some payments may have been sent to bank accounts that are no longer valid. Residents whose third stimulus funds are sent to either a closed or the wrong bank account are expected to face delays as the IRS will be required to reissue the payment as a check to be mailed to your home.īack in January, some TurboTax users experienced delays receiving their second stimulus payments due to an error. While the Get My Payment tool on the IRS website allows people to check the status of their third payment, it doesn't allow them to update their bank information.
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