COVID-19 Third Round Stimulus

posted on Monday, March 15, 2021

Stimulus Payments

As part of the third coronavirus stimulus (the American Rescue Plan Act) recently passed by Congress, you may receive an Economic Impact Payment, or EIP (also known as a stimulus check), in the coming weeks.

While the Treasury Department and the Internal Revenue Service will begin distributing Economic Impact Payments to eligible individuals and households as early as March 13, Midwest Heritage does not have specific information as to when your payment may arrive.

Are you eligible for the third round of stimulus checks?

  • Individual tax filers with adjusted gross income up to $75,000 and head-of-household filers with adjusted gross income up to $112,500 will receive the full payment of $1,400, plus $1,400 for each eligible dependent.
  • Married couples filing jointly with adjusted gross income up to $150,000 will receive the full payment of $2,800 plus $1,400 for each eligible dependent.
  • For filers with incomes above the $75,000/$112,500/$150,000 thresholds, payments are reduced at a much sharper rate than with the first and second stimulus payments. Payments decrease to zero for single filers at $80,000, for heads of household at $120,000 and for married couples at $160,000.
  • Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return.

Individual filers with income exceeding $80,000, head of household filers exceeding $120,000 and joint filers exceeding $160,000 are not eligible.

Visit the Economic Impact Payments page at IRS.gov for more information about eligibility.

How is my third payment amount calculated?

Payments will be calculated based on your 2020 federal income tax filing, or your 2019 return if you haven’t yet filed for 2020. The IRS will calculate and automatically send the Economic Impact Payment to those who are eligible.

For additional questions, please visit the Economic Impact Payments page at IRS.gov.

How will the IRS send my payment?

If you qualify, your economic impact payment will either be deposited directly into your bank account or a check will be mailed to you. If you filed your 2019 or 2020 taxes and received your tax refund via direct deposit, the payment will be deposited into the same account used for the refund.

If you are a Social Security beneficiary who does not need to file taxes, you will receive your payment the same way you receive your benefits.

When will I receive my payment?

Payments started to be dispersed via direct deposit on March 13, 2021. These payments are being sent in batches over a period of time.

You can check on the status of your economic impact payment via the IRS’ Get My Payment page, here: IRS.gov/coronavirus/get-my-payment.

Midwest Heritage is not able to determine when you will receive your payment.

I have received my check. How can I deposit it into my Midwest Heritage account?

Midwest Heritage customers can make a mobile deposit via the MHBank2Go app. Learn more about Personal Mobile Banking.

Our customers can also utilize our drive-up windows and Interactive Teller Machines (ITMS) at the Fleur Drive, Overland Park 2, EP True, or Chariton locations.

For information on our branch and ITM hours, click here.

To learn more about our Interactive Teller Machine, click here.

I received a message from the IRS asking for my personal information. Is this a scam?

Yes, this is a scam. There has been an increased risk of scams with the release of the government stimulus payments. Stay vigilant and aware of unsolicited communications asking for private or personal information. If you are hesitant about any related communications, notify the IRS or refer to IRS.gov/coronavirus.