IRS releases details on when stimulus arrives
Oklahomans should expect a third round of stimulus checks to hit their bank accounts soon, if they are eligible.
In general, most people earning less than $75,000 per year will get $1,400 for themselves and $1,400 for each qualifying dependent claimed on their tax return.
The Internal Revenue Service said in a statement Friday some of the stimulus checks could be deposited over the weekend, with the remaining expected to arrive this week.
BancFirst Executive Vice President Jay Hannah said the IRS informed the Oklahoma-based bank that direct-deposit payments should clear on Wednesday. Funds will be placed into accounts by 8 a.m., Hannah said.
Most taxpayers won’t need to take any action to receive their stimulus funds. 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.
“Additional batches of payments will be sent in the coming weeks by direct deposit and through the mail as a check or debit card,” the IRS said. “The vast majority of these payments will be by direct deposit.”
The official payment date is Wednesday, March 17.
You can check on the status of your payment by using the Get My Payment tool at https://www.irs.gov/coronavirus/get-my-payment.
However, checking the status of a payment isn’t bringing reassuring news to everyone.
After checking the status of their payments through the online tool, some Americans are finding out their government checks were deposited in the wrong bank accounts this weekend, forcing many of them to wait longer for the badly needed aid after struggling financially during the COVID-19 pandemic.
The third round of stimulus payments authorized by the 2021 American Rescue Plan Act, differs from the earlier payments in several respects, the IRS said. Most families will get $1,400 per person, including all dependents claimed on their tax return.
For example, this means a single person with no dependents will get $1,400, while a family of four (married couple with two dependents) will get $5,600.
Unlike the first two payments, the third stimulus payment is not restricted to children under 17. Eligible families will get a payment based on all of their qualifying dependents claimed on their return, including older relatives like college students, adults with disabilities, parents and grandparents.
Social Security and other federal beneficiaries will generally receive this third payment the same way as their regular benefits, the IRS said. A payment date for this group will be announced shortly.
The 2021 American Rescue Plan Act altered income level eligibility for the stimulus, meaning some people won’t receive this third payment even if they received the first two.
Payments will be reduced for individuals whose adjusted gross income is between $75,000 and $80,000. Those making more than that are ineligible.
Payments will be reduced for married couples making between $150,000 and $160,000 a year. Couples making more than that are ineligible.
Staff writer Dale Denwalt covers technology, aerospace and Oklahoma business news for The Oklahoman. Have a story idea for Dale? He can be reached at firstname.lastname@example.org or on Twitter at @denwalt. Support Dale’s work and that of other Oklahoman journalists by purchasing a digital subscription today at subscribe.oklahoman.com.