Stimulus payments Archives - JT Tax Services

Everything You Need to Know About the Third Stimulus Payment

March 17, 2021

The third stimulus payment is already being delivered to taxpayers all over the United States. That’s why today we bring you everything you need to know about your stimulus payment, from how to check the status of your payment to how much you would receive

What Do I Have to Do to Get My Payment?

The third round of Economic Impact Payments is delivered automatically, which means that in most cases you don’t have to take any action to get your payment. A lot of people will receive the third payment in the same way they received the previous two.

How Can I Check the Status of My Payment?

Knowing when and how the IRS will send your payment is quite easy thanks to the internet. All you have to do is access the online tool Get my Payment and enter all the necessary information. The IRS asks taxpayers not to call if they need to check the status of their payments. Use the online tool instead and keep in mind that it’s updated once a day, usually overnight, so there’s no need to check more than once a day.

How Much Will I Get?

Most people will receive $1,400 plus $1,400 for every qualifying dependent that they claim on their tax return.

Remember that the eligible income levels have changed for the third round of payments. This means that some people who qualified for the first and second payments won’t be eligible for the third one. Payments will begin to be reduced for people who earn $75,000 or more in Adjusted Gross Income (or $150,000 for married couples filing jointly).

At What Level of Income Do the Payments Stop?

Reduced payments stop at $80,000 Adjusted Gross Income for individuals ($160,000 for married couples). Taxpayers with income above those levels are not eligible for the third Economic Impact Payment.

Contact the Experts at JT Tax Services

Do you need help filing your 2020 tax return? Do you want to learn more about Economic Impact Payments? At JT Tax Services, we give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.

We are located in Oxnard, California. Contact us today by email (info@jttaxservices.com), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our services.

You May Receive Your Second Stimulus Payment by Credit Card

Some People Will Receive Their Second Stimulus Payment by Debit Card

By: UNIKO Media Group

January 20, 2021

Some people will receive their second stimulus payment by prepaid debit card. Read on to discover the aspects you should keep in mind.

In fact, this method was already used in some cases to deliver the first round of Economic Impact Payments, also known as stimulus payments.

Keep in mind that the form of payment may vary between your first and your second stimulus payment. If you received your first payment by paper check you could receive your second payment via prepaid debit card. Conversely, if you received your first payment by prepaid card, you may receive it now by paper check.

You can use the online tool Get My Payment to check whether your payment has been mailed.

The prepaid debit cards arrive in a while envelope that displays prominently the seal of the Department of the Treasury of the United States. The envelope displays the statement “Not a bill or an advertisement. Important information about your Economic Impact Payment.”

What You Can Do With Your Card

The name of the issuing bank, MetaBank, N.A., appears on the back on the card while the name Visa appears on the front. Your card will allow you to do the following without having to pay a fee:

Transfer funds to a personal bank account
Make signature or PIN-debit purchases anywhere Visa Debit
Cards are accepted — in stores, online or over the phone
Get cash back with a PIN debit purchase where available
Get cash from in-network ATMs
Get a replacement EIP Card, if needed
Check their card balance online, through a mobile app or by phone

More Tips About Taxes

Interested in learning more about taxes? Here are some previous posts you may find interesting.

Contact the Experts at JT Tax Services

At JT Tax Services, we give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.

We are located in Oxnard, California. Contact us today by email (info@jttaxservices.com), telephone, or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our services.

The IRS Begins Delivering Second Round of Economic Impact Payments

By: UNIKO Media Group

December 30, 2020

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.

Contact the Experts at JT Tax Services

At JT Tax Services we have the experience, the knowledge, and the drive to assist you in the preparation of your taxes. We give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.

We are located in Oxnard, California. Contact us today by email, telephone, or through our social media accounts on Facebook, Twitter, and LinkedIn to learn more about our services.