Third Stimulus Payment Update
The American Rescue Plan Act of 2021, which was signed into law on March 11, includes a third round of stimulus payments. The IRS will begin the process of depositing payments into accounts immediately, with the first wave of direct deposits hitting accounts early next week.
It is our understanding the IRS will
- use direct deposit (DD) information from 2020 and 2019 tax returns, with 2020 taking precedent if available.
- If DD info is not present on tax returns, the IRS will likely use DD info entered by the taxpayer into the Get My Payment (GMP) tool.
- If no DD info is available, the taxpayer will receive a check or debit card.
Taxpayers with Bank Products
The IRS has updated their process to send these payments directly to the taxpayer’s personal bank account, also referred to as the Ultimate Bank Account (UBA), if they received an RT-Direct Deposit on their 2020 or 2019 tax return. While there will likely be some exceptions, we’re hopeful most of the payments will be routed in this manner. If the taxpayer received their RT with a paper check, they will receive a paper check from the IRS.
The IRS has updated their process to send these payments directly to the taxpayer’s personal bank account, also referred to as the Ultimate Bank Account (UBA), if they received an RT-Direct Deposit on their 2020 or 2019 tax return. While there will likely be some exceptions, we’re hopeful most of the payments will be routed in this manner. If the taxpayer received their RT with a paper check, they will receive a paper check from the IRS.
Get My Payment Tool
The GMP tool will not be updated with EIPs data before Monday, March 15. Also, we don’t believe the IRS will be collecting any additional DD info through the GMP tool for EIP3.
The GMP tool will not be updated with EIPs data before Monday, March 15. Also, we don’t believe the IRS will be collecting any additional DD info through the GMP tool for EIP3.
Payments received in this third round of stimulus do not impact 2020 tax returns.
For more information, look for an IRS Press Release later today:
https://www.irs.gov/newsroom/news-releases-for-current-month
https://www.irs.gov/newsroom/news-releases-for-current-month
