Economic Impact Payments on The Way to Your Pocketbook
Did you get your check over the past weekend? The Internal Revenue Service says the third round of Economic Impact Payments is underway with most Americans getting the money over the next week. The first payments, under the American Rescue Plan Act are being sent by direct deposit.
IRS officials say in most cases you'll get the payment the same way you received the first and second round of Economic Impact Payments in 2020. You can check with “Get My Payment” tool on IRS.gov on Monday to check the status of your payment.
A news release from the Internal Revenue Service
"The IRS is reviewing implementation plans for the newly enacted American Rescue Plan Act of 2021. Additional information about a new round of Economic Impact Payments, the expanded Child Tax Credit, including advance payments of the Child Tax Credit, and other tax provisions will be made available as soon as possible on IRS.gov. The IRS strongly urges taxpayers to not file amended returns related to the new legislative provisions or take other unnecessary steps at this time.
The IRS will provide taxpayers with additional guidance on those provisions that could affect their 2020 tax return, including the retroactive provision that makes the first $10,200 of 2020 unemployment benefits nontaxable. For those who haven’t filed yet, the IRS will provide a worksheet for paper filers and work with software industry to update current tax software so that taxpayers can determine how to report their unemployment income on their 2020 tax return. For those who received unemployment benefits last year and have already filed their 2020 tax return, the IRS emphasizes they should not file an amended return at this time, until the IRS issues additional guidance. "