$1,400 third stimulus check: what is "IRS TREAS 310 - TAX EIP3"?
After President Biden signed a $1.9tn relief bill into law on Thursday, stimulus checks of up to $1,400 have now begun arriving in Americans' bank accounts.
The Internal Revenue Service (IRS) has confirmed that the third round of stimulus checks has begun going out to direct-deposit recipients, who make up the "vast majority" of those benefiting from a scheme that will see nearly 160m households across the US get a payment.
$1,400 stimulus checks for those on under $75,000 a year
As part of President Joe Biden’s $1.9tn coronavirus relief bill, which was signed into law on Thursday, qualifying individuals will receive a direct payment of up to $1,400, with joint tax filers getting a maximum of $2,800 and families also able to claim additional credits of $1,400 per dependent of any age.
The full amount will go to individuals earning up to $75,000 a year and joint filers on under $150,000, with smaller stimulus checks available to those with an annual income below $80,000/$160,000.
Direct-deposit payments to start dropping "this weekend" - IRS
"Following approval of the American Rescue Plan Act, the first batch of payments will be sent by direct deposit, which some recipients will start receiving as early as this weekend, and with more receiving this coming week," the IRS said in a statement on Friday.
"Additional batches of payments will be sent in the coming weeks by direct deposit and through the mail as a check or debit card," the IRS added.
Americans can track the progress of their third stimulus check using the IRS’ Get My Payment portal, which the body says will be updated “on a regular basis” from Monday 15 March. Meanwhile, a useful fact sheet on the latest round of direct payments can be found here.
What is "IRS TREAS 310 - TAXEIP3"?
Direct-deposit recipients whose stimulus checks have already appeared in their accounts have reported that the payment has been labeled on their bank statement using the reference "IRS TREAS 310 - TAXEIP3".
The first half of this description refers to the fact that it is the IRS and the US Treasury who are responsible for sending out stimulus checks, while "EIP3" is an abbreviation of "third Economic Impact Payment", the official name given to the check.
$1.9 trillion “American Rescue Plan”Relief checks. Legislation provides direct payment of $1,400 for single taxpayer. @NavyFederal @IRSnews IRS stimulus payment shows as "Pending" funds are scheduled to be available March 17. pic.twitter.com/8sr89ifpqT— 💝Cali Fox🇺🇸🇮🇹Mama/Nonna📬USPS😷Face Masks🦠 (@MsCaliFox) March 13, 2021
Recipients finding their payment is pending
However, although stimulus checks have begun appearing in bank accounts, the initial payment date for the economic-aid scheme is not officially until Wednesday 17 March. Until then, the IRS warns, "some Americans may see the direct deposit payments as pending or as provisional payments in their accounts".
Third stimulus check: latest updates
You can get the latest information on the third round of stimulus checks with our dedicated live feed.
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