According to CNET, 310 is a code that identifies the transaction as a refund from a filed tax return in the form of a direct deposit. You may see this transaction on your bank statement as a result of a filed tax return this year.
Some Americans have been surprised by a deposit from the Internal Revenue Service in their bank accounts. They payment was not a fourth stimulus check, but rather a refund for taxpayers who overpaid taxes on unemployment compensation in 2020.
IRS TREAS 310 CHILDCTC: This is a 2021 Child Tax Credit payment that may have been received monthly between July and December. IRS TREAS 310 TAXEIP3: This is an up to $1,400 per person Economic Impact Payment provided by the American Rescue Plan.
An Economic Impact Payment (known as EIP or stimulus payment) – this will show as “IRS TREAS 310” and have a code of “TAXEIP3”. An advance payment of the Child Tax Credit – this will show as being from the IRS and will show as “IRS TREAS 310” with a description of “CHILDCTC”.
Your stimulus payment may be deposited directly into the same account used when you filed your 2021 tax return or the account number used in the previous stimulus payment program. The payment will be listed as "IRS TREAS 310 XXTAXEIP2".
Another reason why you may get an unexpected tax refund is if you forgot to include tax that you had already paid, which is often the case with independent contractors and self-employed people.
The IRS started sending the third Economic Impact Payments to eligible individuals in March 2021 and continued sending payments throughout the year as tax returns were processed. The IRS has issued all third Economic Impact Payments and related plus-up payments.
Since March 12, when the first checks went out, the government has sent out over $400 billion in stimulus payments. Of the 2.2 million payments, 1.3 million went to people who the IRS didn't have current contact information.
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.
The easiest way to check which Economic Impact Payments, also known as stimulus checks, you have received is by heading over to the IRS website.
Congress approved legislation for continued COVID relief that includes a second round of stimulus checks. The payment is worth up to $600 for each adult and each qualifying child dependent in the household. For example, a family of four would receive up to $2,400.
COVID-19 Stimulus Checks for Individuals
The IRS issued three Economic Impact Payments during the coronavirus pandemic for people who were eligible: $1,200 in April 2020. $600 in December 2020/January 2021. $1,400 in March 2021.
Second round of direct payments: December 2020-January 2021
The first payments, through direct deposit and paper checks with some later payments made by EIP 2 Cards, were issued between 29 December 2020 and 15 January 2021.
IR-2021-169, August 13, 2021 — The Internal Revenue Service and the Treasury Department announced today that millions of American families are now receiving their advance Child Tax Credit (CTC) payment for the month of August as direct deposits begin posting in bank accounts and checks arrive in mailboxes.
The Automatic Taxpayer Refund will be issued first to individuals who filed a tax return and have listed direct deposit checking or savings information on their 2021 individual income tax return. One-time direct deposits of $125 will arrive in bank accounts beginning in May and continue through mid-summer.
That's because half of the expanded CTC was paid out in advance through monthly checks from July 2021 through December 2021 — and parents will claim the other half of the tax credit on their tax returns before the filing deadline of April 18, 2022.
The IRS says it is no longer deploying $1,400 stimulus checks and plus-up payments that were due to qualifying Americans in 2021. However, there may still be people eligible for those checks, or additional funds, once they file their returns this tax season.
President Biden signed the American Rescue Plan Act on March 11, 2021. Provisions in the bill authorized a third round of stimulus checks worth $1,400 for each eligible person ($2,800 for couples), plus an additional $1,400 for each dependent.
According to the tax agency, you don't have to pay back money from your third stimulus check, even if you received too much.
As part of the new administration's American Rescue Plan, people who receive SSI and SSDI will once again automatically qualify to receive a third stimulus check, for up to $1,400, as they did for the first and second round of payments approved in March and December 2020.
The rebate will be issued in July and sent automatically to taxpayers who filed a 2021 state return. Another rebate will be issued to all taxpayers. Single filers will receive $500, and joint filers will receive $1,000. This rebate will be split into two equal payments, delivered in June and August 2022.
On March 30, the IRS and the Treasury Department announced March that Social Security recipients will see a majority of the checks sent electronically and receive on April 7, 2021, with payments beginning distribution as early as April 3. That's the latest timeline we have.
The full amount of the third stimulus payment is $1,400 per person ($2,800 for married couples filing a joint tax return) and an additional $1,400 for each qualifying dependent.
Below, we compare the first $1,200, second $600 payments and the third check of $1,400, which includes a massive change to the definition of dependents. This story has been updated with new information.
The government has so far issued three rounds of stimulus checks. The first "economic impact payment" was worth up to $1,200 and given to low-income households in 2020. This was then followed by a second payment worth up to $600 at the beginning of 2021.