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The vast majority of people who received an economic impact payment – the first and second IRS Rеfund Stimulus Chеck – do not need to take any action to receive the next round of payments. Those eligible for a third round of payments will be automatically mailed an additional check in the mail starting this month, the Treasury Department and IRS announced Friday.
Eligible taxpayers will be receiving an additional payment of up to $1,200 per individual and $2,400 per married couple, plus $500 for each qualifying child based on their tax returns filed in 2020 or 2021. To ensure that the correct amount is being sent to you, make sure to update your address on the IRS website if necessary or use the IRS2Go mobile app.
Maximizing Your Return: A Guide to IRS Refund Stimulus Checks
A reminder to those who filed a 2020 tax return: The final second-round stimulus payment is an advance on a tax credit, so the amount will show up as income on your tax return. It’s important to have all of the information available when filing to avoid errors and slow processing of your return.
Consumer advocacy and banking groups are urging Congress to pass a standalone bill that would make the latest round of economic impact checks exempt from garnishment, which can affect families who have fallen behind on other debts such as child support. The CARES Act, which was passed in December, made the first two rounds of economic impact checks exempt from federal and state garnishment, but the third round isn’t.