The Biden administration is wasting no time rolling out the third round of stimulus payments following signing the $1.9 trillion American Rescue Plan into law on Thursday, March 11. The very first batch of direct deposits to UMassFive accounts is expected on Wednesday March 17, with additional waves, anticipated each day.
How much can I expect?
Based on your 2020 taxes if you’ve already filed, or your 2019 taxes if you haven’t:
- Single filers earning an adjusted gross income up to $75,000 will receive $1,400. Single filers earning over $75,000 will also receive a stimulus, however, the amount will taper off as they approach the $80,000 threshold.
- Heads of household earning up to $112,500 will receive $1,400. Heads of household earning over $112,500 will also receive a stimulus, however, the amount will taper off as they approach the $120,000 threshold.
- Married couples earning up to $150,000 are eligible for $2,800. Married couples earning over $150,000 will also receive a stimulus, however, the amount will taper off as they approach the $160,000 threshold.
- The above taxpayers will also receive $1,400 for each dependent.
For those already peeking at their Online Banking: you may already see your stimulus pending. Once posted, the transaction will read (or be similar to) "IRS TREAS 310 XXTAXEIP3."
As a reminder for those with paper checks on the way, our Mobile Deposit feature is an easy way to deposit your stimulus check using our Mobile Banking App without worrying about lines at the drive-up or our ATM's.
Protect Yourself From Scams:
- Beware of anyone asking to “verify” your personal information to receive your payment. The IRS will automatically deposit or send your funds to the account or address used for your last stimulus or tax return. They will not text, call, or email you.
- You should never sign your payment over to a stranger for any reason. Some scammers have been offering to speed up your payment delivery by verifying your information for signing over your check. This is a fraudulent claim.
- Watch out for checks that include suspicious amounts, including cents. These may request that you verify your account information by phone to deposit.
Any members looking to answer additional questions, or track the status of their third-round Stimulus including whether it is being direct deposited, or physically mailed to an address can do so using the IRS.gov Get My Payment portal.