It’s always nice to wait for the cash flow, especially if things have been a little tight lately. American Recovery Plan Act 2021Includes Economic Impact Payments of $1,400 or less, depending on your reported income, signed into law on March 11, 2021. In fact, as of Wednesday, March 17, you may already have yours; That’s when the first payments started hitting their bank accounts.
So if you’re using direct deposit to pay your federal taxes (or get your tax returns), check your bank account. If you are not using a direct deposit and are eligible for payment, you must receive either a check or a prepaid Economic Impact Payment (EIP) card in the mail.
Haven’t seen anything yet and want to know your status?
The best way to find out where your payment is (and if it will be) is through the IRSs. “Get My Payment” tool that tells you if you’re available and when you’ll see the payment, if available.
If you’re using a broker and receive a “Payment Status Unavailable” message, it means “either we haven’t processed your payment yet, we don’t have enough information to make a payment to you, or you’re not eligible to make a payment,” according to the IRS.
How do you know if you are eligible?
Complicated. Whether you get a payout may depend on what your adjusted gross income (AGI) is based on your 2020 taxes (if you already applied) or your 2019 taxes (if you haven’t). AGI is basically the amount you earn that year minus things like retirement account contributions and can usually be found on line 8b of your 1040 tax form.
If you are an individual and your YGZ is under $75,000, you are eligible. If your AGI is at least $75,000 but less than $80,000, you will receive a portion of $1,400. But if your AGI is $80,000 or higher, you’re completely out of luck.
This, of course, is if you are a head of household (in this case, if you earn less than $112,500 you receive $1,400 and if you earn $120,000 or more you receive nothing) or if you are a joint filing married couple (in which case, if you AGI is less than $150,000, receive $1,400 and Get nothing if at least $160,000).
There are various calculators online that can tell you how long you can expect.
Speaking of calculators, your AGI isn’t the only factor considered. There are other considerations. Among them:
- Non-citizens do not get paid, but a series of exceptions. You are eligible if: a non-citizen with a social security number, a legal permanent resident (i.e. someone sometimes called a “green card” holder), a qualified “resident alien”Be a member of a program such as Deferred Action for Childhood Advances (DACA) or have Temporary Protection Status (TPS).
- If you’re not filing taxes, that’s fine—if you haven’t filed and received a check last year either, then it might be a good idea to file.
- Adult dependents in a household (such as college students or elderly parents) will also be eligible for payment.
this The IRS has an FAQ this should answer most (if not all) of your questions.
What if you never received your first or second incentive payments?
If you’ve been eligible for one or both of the first two incentive payouts but never received any, it’s too late to actually get paid. You will need to apply for Recovery Discount Credit for your 2020 taxes. It’s not as good as getting paid directly, but at least you’ll get back some of the tax you paid.
Update March 19 at 8:50AM ET: This article was originally published on March 18, 2021 and has been updated to clarify which non-citizens can receive incentive pay.