EIP card: Why the IRS might ship your second stimulus test by a debit card this month

The IRS and US Treasury began sending out the second stimulus checks final week as half of a bigger COVID relief package that turned legislation on Dec. 27. The funds are going out by direct deposit and thru the mail, both within the type of a paper test or an Economic Impact Payment card, additionally known as an EIP card. (Here’s tips on how to track your second stimulus check in the mail.) 

About four million Americans obtained their cash on an EIP card within the first spherical of stimulus funds. The IRS stated it’s utilizing the identical debit card supply methodology for a few of the second stimulus checks, with a view to get them out quicker (here is tips on how to discover out which priority group you’re in for the second payment).

Here are the solutions to some widespread questions on stimulus checks within the type of an EIP card, together with tips on how to use it if one arrives for you within the mail. Here are the primary second stimulus check facts you could know, what happened to the $2,000 check, tips on how to calculate your second stimulus total and the whole lot to find out about stimulus check money. We not too long ago up to date this story.

What is an EIP card?

An financial influence fee card is a pay as you go debit card that the Treasury Department used to distribute some stimulus funds beneath the March CARES Act, as an alternative of direct deposit or a paper test. The playing cards have been supplied to some eligible US residents for whom the federal government did not have banking data.

The IRS stated it’s going to use the playing cards to distribute second stimulus checks this time too. Some individuals who obtained a paper test final time may obtain an EIP card this time, and vice versa, to attempt to pace up the supply of funds, the IRS said. It is not clear how this might assist hasten the method.

These Visa debit playing cards can be utilized to make purchases, get money from in-network ATMs and switch funds to your private checking account with out a price. If you are despatched one, after the cardboard arrives, head to the EIP card website to activate it and study extra about tips on how to use it. 

Read extra: Not everyone will qualify for a second stimulus check. Here’s why

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Second stimulus checks: Everything you could know

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Why would I get an EIP card as an alternative of a paper stimulus test or a direct deposit?

For the primary spherical of funds, those that have been eligible obtained the primary stimulus fee by EIP card as an alternative of by test in the event that they filed their taxes however the IRS did not have their checking account data available, and if the tax return was processed by IRS service facilities in both Andover, Massachusetts, or Austin, Texas, in accordance with a Treasury press release. 

It is not clear what the importance is of these specific service facilities, and the Treasury didn’t return our request for extra data.   

For the second spherical of funds that began going out in late December, the IRS stated it’s going to ship both paper checks or a debit card within the mail if it does not have banking data available. The IRS stated some individuals who obtained a paper test final time may obtain a debit card this time, and a few individuals who obtained a debit card final time could obtain a paper test.

Read extra: Is a third stimulus check happening? Biden says yes

How a lot stimulus cash will be loaded on my EIP card? 

Getting your fee by way of an EIP card would not change something about the amount you’d get — it is only a totally different format of the identical fee.

The amount of cash you are allotted in any second stimulus check is dependent upon your AGI, or adjusted gross income, out of your tax filings, alongside together with your submitting standing (single versus joint) and what number of dependents you will have. The most quantity a single taxpayer (with no kids) might get is $600. You can calculate your second stimulus check total here.

You can even discover out who counts as a dependent on your taxes, how outdated a dependent has to be to get a separate stimulus payment and the stimulus test scenario for older adults, folks within the SSDI program, US citizens abroad and other people living in US territories.

When will I get my EIP card now {that a} second stimulus test is being despatched?

When the CARES Act was handed in March, the primary EIP playing cards did not begin going out till mid-May. But the IRS began mailing second stimulus checks on Dec. 30 and can proceed through Jan. 15, a cutoff laid out in December’s stimulus bill. The IRS stated you will additionally quickly have the ability to monitor your cash (in no matter kind it’s going to take) utilizing the identical IRS instrument you might use to track the status of your first stimulus payment. 

Wait, what occurs if I do not get my EIP card by Jan. 15?

Any second stimulus test fee that does not attain its meant recipient by the Jan. 15 cutoff must declare it with a Recovery Rebate Credit as a part of tax season.

How would my EIP card be delivered?

If you are eligible for a second stimulus check, the IRS stated your EIP card will arrive on the tackle listed in your final tax return in a white envelope marked with the US Department of the Treasury seal. The card may have the Visa identify on the entrance and the issuing financial institution, MetaBank, N.A., on the again. Some literature will establish the cardboard because the financial influence fee.

Because the envelope containing the primary EIP card wasn’t clearly marked, some folks reportedly threw the letter away with out opening it in the course of the first spherical of stimulus funds. The IRS stated for eligible individuals who do not obtain a direct deposit to look at their mail for the cardboard within the coming weeks — nevertheless it is perhaps easier to sign up for this free USPS service.

Note, in the event you moved, you will must inform the IRS and USPS of your new address.

Can I get my stimulus cash by direct deposit as an alternative?

If the IRS has your checking account data available, it is extra seemingly you’d get the fee by direct deposit as an alternative of an EIP card. Since the primary stimulus checks have been despatched, there was better effort to assist individuals who do not have financial institution accounts get one for this goal. Here are methods you may have the ability to assist get a second check faster.

Will the IRS notify me that an EIP card is coming? 

With the primary stimulus funds, the IRS despatched a letter about your cash to your final identified tackle inside 15 days after the fee was made. The letter included data on how you bought the cash (test or direct deposit or EIP card), and tips on how to report it in the event you did not obtain the fee. But be careful: There have been numerous stimulus check scams going round. Visit IRS.gov earlier than giving anybody your data to ensure your letter is authentic. 

What occurs if my EIP card will get misplaced or destroyed?

With the primary playing cards, in the event you’ve misplaced or destroyed your EIP card, you’ll be able to request a free alternative by MetaBank Customer Service. The alternative price shall be waived the primary time. We count on the IRS do to one thing comparable this time.

You need not know your card quantity to request a alternative. Just name 800-240-8100, and select the second possibility from the primary menu, in accordance with the IRS website. 

For extra, discover out in the event you’re qualified for a second stimulus check and the whole lot we find out about a third stimulus check.