Third Wave of Economic Stimulus Payments Sent Out
Yes, the third wave of Economic Stimulus Payments have been sent out. The very first wave of payments was issued to those taxpayers who already had their bank account and direct deposit information on file with the Internal Revenue Service. They received their payment almost immediately after the IRS announced the package. The second wave was issued recently via paper checks to the taxpayers who did not have their deposit information on file. It is said that the Department of the Treasury during that wave would be sending by a criteria of adjusted gross income (AGI) starting with the lowest to highest until the credit phases out. Individual taxpayers without children who earn more than $99,000 are not eligible. The same goes for a married couple who file joint earning more than $198,000 and no children.
Last week the Department of the Treasury and the Internal Revenue Service, announced that in an effort to send out payments quicker and more efficiently to nearly 4 million taxpayers, they will be mailing prepaid debit cards instead of paper checks. These cards will be mailed out in plain envelopes from "Money Network Cardholder Services". In the envelope will be instructions on how to use the card and how to activate it.
The recipients of these cards will be able to do the following:
• Shop online and in store wherever Visa debit cards are accepted
• Withdraw money at an ATM (in-network)
• Make money transfers into their personal accounts
• Check their card balance online and on their smartphone using the app
**It is important to note that this prepaid Visa card also comes with standard security features to protect the consumer from unauthorized use.
The IRS has issued guidelines with questions and answers on their website for recipients of the Visa prepaid cards, which you can read by following this link. After taking all of this in consideration, please remember that although it may seem like a scam posing as a prepaid debit card, it may actually be your economic stimulus payment. If you have any questions, feel free to contact our office at 213-383-2071.