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Susan Tompor: Paper checks, prepaid Visa cards going out in mail; more direct deposits coming March 24

Susan Tompor, Detroit Free Press on

Published in Home and Consumer News

The IRS stressed that you'd receive a separate card if you're getting another round of stimulus money via a prepaid card. If you received a prepaid card in the last stimulus program, no new stimulus money is being loaded onto that card now.

You'd be able to use the card to shop online or at stores where Visa Debit Cards are accepted. But read the rules to avoid any possible fees, particularly if you plan to withdraw cash from an ATM. It is best to use an in-network ATM, including some at CVS and Rite Aid stores in Michigan.

The IRS noted: "The EIP Card is sponsored by the Bureau of the Fiscal Service and is issued by Treasury's financial agent, MetaBank, N.A. The IRS does not determine who receives a prepaid debit card."

What will the paper checks look like?

Paper checks will arrive by mail in an envelope from the U.S. Department of the Treasury.

The IRS stated: "For those taxpayers who received their tax refund by mail, this paper check will look similar, but will be labeled as an 'Economic Impact Payment.' "

The third stimulus — which is the most generous for many — is part of the American Rescue Plan, which was signed into law March 11 by President Joe Biden.

 

An eligible family of three might end up looking at a stimulus payout of up to $4,200 this time around, while the payout could jump to up to $5,600 for a family of four.

The payouts are up to $1,400 for each person who qualifies.

Some people are being shut out of this third stimulus round based on their income.

A single person with up to $75,000 in adjusted gross income could qualify for the full payment. But we're talking about far less money after that and no stimulus money would be sent to those who are at $80,000 or more in income.

The full payment will come to those making up to $112,500 who file as head of household or up to $150,000 for married couples filing jointly.

No stimulus money is available from this round for those making $120,000 or more who file as head of household and $160,000 or more for married couples filing jointly.

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