The third round of Economic Impact Payments (EIPs, or stimulus checks) has been making news this week, already hitting bank accounts. You probably know the basics:
- Checks are $1,400 per person ($2,800 for married taxpayers), plus $1,400 per eligible dependent.
- You must have a valid Social Security number (SSN) or Adoption Taxpayer Identification Number (ATIN).
- Checks are subject to phase-outs beginning at $75,000 for individuals, $112,500 for heads of household, and $150,000 for married taxpayers. Phase-outs mean that the benefit goes down as income goes up: Payments reach zero at $80,000 for individuals, $120,000 for heads of household, ...