Have Questions About Your 2021 Stimulus Payment?
Millions of Americans will be receiving another Economic Impact Payment (EIP) from the federal government as part of the 2021 American Rescue Plan to help with economic difficulties caused by the pandemic. We know you might have questions, and we’re ready to help.
Am I eligible to receive a stimulus payment and how much will I get?
Individuals earning $75,000 or less will receive a new payment of $1,400, as will heads of households earning up to $112,500. Couples earning $150,000 or less will get $2,800. Payments to those earning more than those amounts will decrease and cut off completely for individuals earning more than $80,000, couples earning more than $160,000, and single parents making more than $120,000. Qualifying parents of children will receive an extra $1,400 per child. That means a married couple with two dependent children may receive $5,600. Also, for this round, dependents now include 17-year-olds, as well as college students, older adults and children of all ages with certain disabilities who are claimed on tax returns.
The payments will be based on information from a taxpayer’s 2019 return, or their 2020 return if it has already been filed.
Will my financial institution know when I am scheduled to receive my stimulus payment?
How will I get my payment?
The IRS will automatically issue your payment via direct deposit to the bank account it has on file based on the information you provided on your tax return. Electronically generated direct deposits are typically the first to go out.
If the IRS does not have direct deposit information, you will be mailed either a paper check or a debit card to your address on file with the IRS. You won’t be able to choose between a paper check or debit card. In fact, some people who received a check in an earlier round of payments could receive a debit card this time, and vice versa. The IRS says to carefully check your mail, so you don’t accidentally throw out the check or debit card. Paper checks will arrive in a white envelope with the U.S. Department of the Treasury seal on the upper left side. The debit cards will arrive in a white envelope that prominently displays the U.S. Department of the Treasury seal, and the envelope will also state “Not a bill or an advertisement. Important information about your Economic Impact Payment.”
It will likely be several days to weeks for mailed paper checks or debit cards to arrive.
The IRS will send you a paper notice in the mail within a few weeks after any payment is sent. It will include information about what form the payment was made and where it was sent.
If you received your payment by mail in the first two rounds, it is recommended that you include your direct deposit bank account information on your 2020 tax return if you are expecting a refund. It is also recommended to file your return as quickly as possible. While there is no guarantee, this could lead to you receiving your next stimulus payment electronically.
How soon will I be able to access the money deposited into my account?
If you’re receiving your stimulus check electronically via direct deposit into your Fidelity Bank account, it may take up to three business days for the funds to be available. You can check the status of your deposit by logging in to Mobile Banking or your Online Banking account. The pending deposit from the IRS will show an effective date of when the funds will be available in your account.
Someone I know already got their payment, why don't I have mine yet?
Not all payments will go out at once. During the first two rounds, electronic payments were the first to be made, but they were staggered and were not all released at the same time. Checks and debit cards were the next to be sent and they are dependent on regular mail delivery. The whole process is likely to take several weeks.
For more information about eligibility, timing, and additional frequently asked questions, visit the Get My Payment Tool on the IRS website.