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Phone Scams, IRAs and Tax Extensions: The IRS published multiple reminder letters this week. In IR-2017-64 the Service warned tax preparers to watch for phishing emails claiming to be from clients. The latest tactic is for a scammer to send an email to tax preparers with a "last...

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Saturday April 17, 2021

Washington News

Washington Hotline

Millions of Economic Impact Payments in the Mail

On March 22, 2021, the IRS announced that 37 million Economic Impact Payments (EIP) are being distributed with a pay date of March 24. The second batch of payments increases the total number for the third round of stimulus payments to 127 million. The value of this round of Economic Impact Payments is $325 billion.

These new payments include 17 million direct deposits, 15 million paper checks and 5 million debit cards. The 37 million recipients are primarily individuals who filed a 2019 or 2020 tax return. Some individuals who used the Non-Filers tool on also will receive payments.

IRS Commissioner Chuck Rettig stated, "The IRS continues to send the third round of stimulus payments in record time. Since this new set of payments will include more mailed payments, we urge people to carefully watch their mail for a check or debit card in the coming weeks."

If you have not received a direct deposit, you may receive a paper check or an EIP card. The paper checks will be in an envelope from the U.S. Department of the Treasury. On the lower left section, the paper check will include a statement in the memo field that it is an "Economic Impact Payment."

EIP debit cards will be in envelopes that include the seal of the U.S. Department of the Treasury. The EIP card is a Visa Debit Card issued by MetaBank. There is information with the card that indicates it is an Economic Impact Payment.

Recipients who have received other EIP cards will not be able to reload funds on those cards. Each card has a separate debit value. The cards may be used to obtain cash from domestic ATMs or transfer funds to a checking account. All EIP cards are issued by the Bureau of the Fiscal Service.

EIP payments are often $1,400 for an individual, $2,800 for a couple and $1,400 for each dependent claimed on a tax return. The amount is based on the latest processed tax return from either 2019 or 2020.

Individuals who did not file a return but qualify for Social Security, Railroad Retirement, Supplemental Security Income or Veterans Affairs benefits may also receive an Economic Impact Payment.

Some individuals who are homeless did not receive a first or second Economic Impact Payment. These individuals will need to file a 2020 tax return to claim a Recovery Rebate Credit.

Published March 26, 2021
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