On Friday, March 12, the IRS announced a third round of Economic Impact Payments. Signature Bank of Arkansas has gathered facts related to this round of payments to help you know what to expect and answer your questions.
EIP vs “stimulus”
Remember:
All official communications from Signature Bank of Arkansas will use the term “Economic Impact Payment” when referring to this round of payments. Be wary of any calls or emails referring to “stimulus checks,” as these are likely fraud.
Some payments have been received.
As of Friday, March 12, Signature Bank received a batch of direct deposits from the IRS.
The majority of these payments were not scheduled for deposit by the government until Wednesday, March 17.
These payments are automatic, therefore we are unable to alter the speed of their arrival in your account.
For those who did not receive a direct deposit in the first or second rounds of Economic Impact Payments (EIP), you can once again expect a check to be mailed, or in some cases, an EIP Debit Card. If you received an EIP debit card in the past, the new payment cannot be added to an existing card. A new one will be issued.
What do you need to do?
Per the IRS:
“No action is needed by most taxpayers; the payments will be automatic and, in many cases, similar to how people received the first and second round of Economic Impact Payments in 2020. People can check the Get My Payment tool on IRS.gov today to see the payment status of the third stimulus payment.”
Income Qualifications have Changed.
Per the IRS:
“Payments will begin to be reduced for individuals making $75,000 or above in Adjusted Gross Income ($150,000 for married filing jointly.) The reduced payments end at $80,000 for individuals ($160,000); people above these levels are ineligible for a payment. More information is available on IRS.gov.
What to Expect
For those who do not exceed the income qualification, expect $1,400 per person, including all dependents claimed on their tax return. Read more about this here on the IRS website.
We’re here for you!
As always, Signature Bank of Arkansas is here to answer all your questions about whether your Economic Impact Payment has been received. As we anticipate many calls on the subject, please bear with us if you experience longer than normal call wait times. We appreciate your patience and look forward to serving you.
Don’t forget! The IRS has updated their online database with EIP Round 3 information. You can check your payment status via Get My Payment starting today, which might reveal even more information than we are able to provide.
For more information about Signature Bank of Arkansas, visit www.signature.bank.