Third Round of Economic Impact Payments
A third round of economic impact payments has passed through Congress. They will, in general, provide up to $1,400 per person. The Internal Revenue Service announced Friday that this round of economic impact payments will begin reaching Americans over the next week. Are you interested in when your money may hit your account? You can know ahead of the game by logging into the Veritas app and/or eBanking to see when the deposit is pending.
Most people don’t need to do anything. It’s automatic and it’s similar to how the first and second round of economic impact payments were received in 2020.
Individuals who earned less than $75,000 ($150,000 married filing jointly) in adjusted gross income in 2019 or 2020 should receive $1,400, plus an additional $1,400 per dependent. Those who earned more than $75,000 ($150,000 married filing jointly) and less than $80,000 ($160,000 married filing jointly) should receive a reduced stimulus amount. No stimulus payment is available for those who earned more than $80,000 ($160,000 married filing jointly).
When will payments be issued?
Payments from the U.S. Treasury began being issued as early as March 12. Watch your account through the Veritas app and/or eBanking to see when the money is pending in your account. That way, you can see when your deposit is available. If you haven’t downloaded the Veritas app or been able to log in to eBanking, we can help you do that.
How will payments be sent?
Most payments will be sent by direct deposit to the recipient’s bank account on file with the IRS. The IRS mails your payment to the address on file so be sure your correct bank account information on file. Visit this site to make address changes: https://www.irs.gov/faqs/irs-procedures/address-changes