Updated Jan 7, 2022
Economic Impact Payments – commonly referred to as “stimulus checks” or “Recovery Rebate Credit” are funds to help reduce the financial burden of COVID-19 on individuals and their families.
If you did not receive the first and second Economic Impact Payments or got less than the full amounts, be aware the IRS has issued and paid the third round of Economic Impact Payments to many qualified taxpayers, including the plus-up payments, which were advance payments of the 2021 Recovery Rebate Credit to be claimed on a 2021 tax return.
1. When do I receive the third Economic Impact Payments?
The IRS started issuing cheques in March 2021, and taxpayers should have expected to receive the payment by December 31, 2021.
- What is the amount of payment?
- $1,400 for an eligible individual with a valid Social Security number; $2,800 for married couples filing a joint return if both spouses have a valid Social Security number.
- $1,400 for each qualifying dependent with a valid Social Security number or Adoption Taxpayer Identification Number issued by the IRS.
Extra Tips for Tax Filing:
Check if you received the following notice or letter sent out by the IRS and make sure to keep a record!
- Notice 1444-C
- Letter 6475: Confirmation on the total amount of the third Economic Impact Payment and any plus-up payments for tax year 2021.
You can also access your individual tax information with an IRS online account to view your first, second and third Economic Impact Payment amounts. Check the status of your third Economic Impact Payment.
Please contact us today if you have questions or need assistance handling your USA taxes living in Asia.
Disclaimer: This information has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors or consult us regarding your own personal tax situation as this email was intended to be general in nature