Economic Impact Payments (EIP)
In the first round of stimulus, payments were sent out beginning in April 2020 under the provision of the CARES Act. For those having adjusted gross income (AGI) of up to $75,000 single (up to $150,000 married filing joint), payments were $1200 per adult and $500 per qualifying child. Those with AGI of $75,000 up to $99,000 single ($150,000 up to $198,000 married filing joint) were phased-out. Above those thresholds there were no payments. See table.
In the second round of stimulus, payments were sent out beginning in January 2021 under the provision of the Consolidated Appropriations Act, 2021. For those having adjusted gross income (AGI) of up to $75,000 single (up to $150,000 married filing joint), payments were $600 per adult and qualifying child. Those with AGI of $75,000 up to $87,000 single ($150,000 up to $174,000 married filing joint) were phased-out, thus restricting eligibility. Above those thresholds there were no payments. See table.
Currently, the third round of stimulus payments are being sent out, beginning March 17, 2021, under the provision of the American Rescue Plan Act. For those having adjusted gross income (AGI) of up to $75,000 single (up to $150,000 married filing joint), payments are $1200 per adult and each dependent, thus expanding eligibility of number of individuals. Those with AGI of $75,000 up to $80,000 single ($75,000 up to $160,000 married filing joint) are phased-out, thus restricting AGI levels further. Above those thresholds there will be no payments.
On your 2020 Federal income taxes there is a reconciliation, the Recovery Rebate Credit, to determine whether you received the correct amount of the first two stimulus payments based on your 2020 adjusted gross income. If you did not qualify earlier or if you did not receive enough for either or both of the first two stimulus payments, you will receive a credit on your 2020 taxes for the difference. If you do not qualify on your 2020 return but had qualified based on an earlier filed return, you do not have to repay the excess.
There will be a subsequent reconciliation when you file your 2021 Federal income taxes to determine the correct amount of the third stimulus payment received. Similarly, you will receive a credit on your 2021 taxes if you did not receive enough based on your 2021 taxes. Also similarly, you will not have to repay any excess that you receive now.
To check your status on the stimulus payments go to the IRS Get My Payment site and select “Get My Payment” to determine the status of your third EIP. For information on the first and second EIP you will now need to view or create an account, or refer to the IRS Notices 1444 and 1444-B which should have been mailed to you.