Stimulus Check 3

What to Know About Your Third Stimulus Check

March 12, 2021
by Team SESLOC

The American Rescue Rescue Plan Act, signed into law on March 11, 2021, includes a third round of pandemic-related Economic Impact Payments (also known as a “stimulus check”). A statement during the press release indicated that Americans with direct deposit could expect payments within a few days.

Here’s what you need to know about claiming your check:

  • Stay up to date by checking the IRS Coronavirus Resource website.
  • To qualify, individuals generally must have a Social Security number and must not qualify as the dependent of another individual.
  • Payments will be based upon your most recent tax return. Expect to receive $1,400 ($2,800 if married filing a joint return), plus $1,400 for each qualifying child under age 17.
  • Payments are phased out for those with adjusted gross income (AGI) exceeding $75,000 ($150,000 if married filing a joint return). The payment threshold cuts off if AGI exceeds $80,000 if single or $160,000 if married filing jointly.
  • Retirees who do not file taxes will have their payments based off the information on the Form SSA-1099 or Form RRB-1099.
  • Payment will be deposited into your account if you have direct deposit information on file with the IRS.
  • Payments without direct deposit information will be mailed as a check or prepaid debit card. Learn how to deposit your check with Mobile Banking and avoid a trip to the branch.

Want to know when your check is deposited? Create an Alert in Online Banking:

  1. Log into Online Banking.
  2. Select Services in the menu.
  3. Select Alerts.
  4. Create New Alert, History Alert.
  5. Select the account share set up for the direct deposit.
  6. Select Credit Transaction, enter your criteria.
  7. Select how you would like to receive the alert.
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