The Department of Finance announced yesterday that it anticipates the first batch of direct deposit payments to be released by the end of next week, followed by the processing of paper checks.
The 2021 Recovery Rebate Credit and Third Economic Impact Payments Plan has been submitted by the Division of Revenue & Taxation for approval by U.S. Treasury. According to the plan, U.S. Treasury will transfer approximately $85 million to the Commonwealth within three business days upon approval of the plan. This is a required process by the U.S. Treasury for disbursement of the stimulus payments.
DRT will process initial stimulus payments based on 2019 income tax returns. Additional payments will then be issued based on 2020 income tax returns that are submitted and processed by August 15, 2021, 90 days after the filing deadline of May 17, 2021. If you do not receive your maximum third round payment in 2021, you may be eligible to claim the 2021 Recovery Rebate Credit when you file your 2021 income tax return in 2022.
“We appreciate the community’s patience as the Department of Finance expeditiously processes this new round of stimulus payments for our community,” said Gov. Ralph DLG Torres. “We are grateful to the President and the U.S. Congress for enacting this important legislation and the U.S. Treasury for their guidance, so that we can get this much needed assistance for our people. …We anticipate another smooth delivery of stimulus checks for our people, and we continue to ask for patience. The checks will be disbursed once the funds are on island and processed.”
For more general information on eligibility and calculation of your third stimulus payment, visit https://www.irs.gov/coronavirus/economic-impact-payments.
Stimulus portal information
All taxpayers who have yet to register and submit bank information are encouraged to use the Stimulus Portal on the DOF website at www.dof.gov.mp and select “Register for ACH.”\
Taxpayers who have successfully received a direct deposit in the second stimulus payment do not have to re-register. DRT will use all valid bank information received from the second stimulus payment for the third round of payments, including off-island banks.
All invalid bank information (i.e., closed accounts, incorrect account/routing number) have been removed from our database. Taxpayers who provided invalid bank information are encouraged to re-register again on the portal.
The Stimulus Portal is now limited to local banks only for new registrations. (PR)