Third round of stimulus checks arriving
Yuba-sutter residents should begin seeing the third round of Economic Impact Payments arrive this week if they haven’t already, according to the Internal Revenue Service.
The latest stimulus checks are part of the recently-passed American Rescue Plan Act, and started arriving by direct deposit for some recipients last weekend.
Additional batches of payments were to be sent out in the coming weeks by direct deposit and through the mail as a check or debit card.
“Even though the tax season is in full swing, IRS employees again worked around the clock to quickly deliver help to millions of Americans struggling to cope with this historic pandemic,” said IRS Commissioner Chuck Rettig in a press release. “The payments will be delivered automatically to taxpayers even as the IRS continues delivering regular tax refunds. We urge people to visit Irs.gov for the latest details on the stimulus payments, other new tax law provisions and tax season updates.”
Most people will receive $1,400 for themselves and $1,400 for each of their qualifying dependents claimed on their tax return. Similar to the first two rounds of stimulus checks, most Americans will not be required to take any action to receive their payments.
The third round of Economic Impact Payments will be based on the taxpayer’s latest processed tax return from either 2020 or 2019.
In addition, the IRS will automatically send payments to people who didn’t file a return but received Social Security retirement, survivor or disability benefits, Railroad Retirement benefits, Supplemental
Security Income or Veterans Affairs benefits – similar to earlier rounds of payments.
Some people won’t be eligible for the third payment, as income levels in the latest round of stimulus payments have changed.
Payments will begin to be reduced for individuals making $75,000 or above in Adjusted Gross Income ($150,000 for married filing jointly).
The reduced payments end at $80,000 for individuals ($160,000); people above these levels are ineligible for payment.
For more information, visit Irs.gov.