The IRS Begins Delivering Second Round of Economic Impact Payments
The Internal Revenue Service (IRS) announced that it has begun delivering a second round of Economic Impact Payments (EIP) as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021.
The agency began sending payments through direct deposit yesterday (Tuesday), and it will begin sending paper checks today.
Do I Have to Take Any Actions to Receive my Economic Impact Payment?
Economic Impact Payments are automatic. This means that no action is needed on the part of recipients. The IRS has requested taxpayers not to contact financial institutions or the IRS itself with payment timing questions.
Keep in mind that the delivery method may be different for the second stimulus payment. If you received the previous Economic Impact Payment, but don’t receive a direct deposit, then you will receive a check or a debit card.
On the other hand, if you were eligible but didn’t receive either the first or the second payment, you will be able to claim it when you file your taxes for 2020.
How Much is the Second Stimulus Check?
The amounts of the second stimulus payment will be determined as follows: up to $600 for individuals; up to $1,200 for married couples filing jointly: and up to $600 for every qualifying child
Generally, if you have adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing jointly and surviving spouses, you will receive the full amount of the second payment.
How Can I Check the Status of My EIP?
You will be able to check the status of your payment using the online tool Get my Payment. The service is offline at the moment as the information is being updated. However, the IRS expects that the tool will be available again shortly.
More Tips About Taxes
Do you want to learn more about taxes and Economic Impact Payments? Here are some previous posts you may find interesting.
- 4 Steps you can take to start preparing your 2020 tax return
- The IRS will deliver some Economic Impact Payments by Debit Card
- Remember: gift cards are not to be used to make tax payments
- Keep in mind these ideas when you file your taxes
- We debunk 4 common myths about tax returns
- Don’t forget this essential step if you are starting a new business
Contact the Experts at JT Tax Services
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