The Internal Revenue Service just issued a press release on 29th December 2020 that it will begin delivering a second stimulus check under Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to people who received the first round of payments earlier this year. The second stimulus check payments are automatic, and those who received the first stimulus check should not contact their financial institutions or the IRS with payment timing questions.
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How much is 2nd stimulus check amount?
Eligible individuals will automatically receive an Economic Impact Payment of up to $600 for individuals or $1,200 for married couples and up to $600 for each qualifying child. If you have adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the second payment. For filers with income above those amounts, the payment amount is reduced.
Second stimulus check amount calculator
When will second stimulus check start being sent by IRS?
The initial direct deposit payments may begin arriving by 30th December whereas paper checks will begin to be mailed on Wednesday, December 30. The official payment date as per IRS is January 4, 2021.
What if you did not receive first stimulus check ?
If you did not receive a stimulus payment either the first or the second payment, you can still be able to claim it when you file your 2020 taxes in 2021. They may see the stimulus payment named as the Recovery Rebate Credit (RRC) on Form 1040 or Form 1040-SR since the EIPs(stimulus payment) are advance payment of the RRC.
Who gets second stimulus payments automatically?
Stimulus payments are automatic for taxpayers who successfully registered for the first payment online at IRS.gov using the agency’s Non-Filers tool by November 21, 2020 or who submitted a simplified tax return that has been processed by the IRS.Apart from that , following types of taxpayers will also receive automatic payment:
- Taxpayers who filed a 2019 tax return and eligible to get a stimulus payment
- Those who receive Social Security retirement, survivor or disability benefits (SSDI),
- Railroad Retirement benefits as well as Supplemental Security Income (SSI) and Veterans Affairs beneficiaries who didn’t file a tax return.
How to know status of stimulus payment?
You can check the status online through GetMyPayment on IRS.gov website. If you had opted for direct deposit in your tax return, you will receive the payment directly credited to your bank account that way. All others without current direct deposit information on file, they will receive the payment as a check or debit card in the mail.
For those eligible but who don’t receive the payment for any reason, it can be claimed by filing a 2020 tax return in 2021. Remember, the Economic Impact Payments are advance payment of what will be called the Recovery Rebate Credit on the 2020 Form 1040 or Form 1040-SR.
Are more people eligible now for a payment than before?
Under the earlier CARES Act, joint returns of couples where only one member of the couple had a Social Security number were generally ineligible for a payment – unless they were a member of the military. But this month’s new law changes and expands that provision, and more people are now eligible. In this situation, these families will now be eligible to receive payments for the taxpayers and qualifying children of the family who have work-eligible SSNs. People in this group who don’t receive an Economic Impact Payment can claim this when they file their 2020 taxes under the Recovery Rebate Credit.
What if one didn’t file a tax return and didn’t register with the IRS.gov non-filers tool. Is he still eligible ?
Yes, if you meet the eligibility requirement, then even though, you won’t receive an automatic payment now, you can still claim the equivalent Recovery Rebate Credit when you file your 2020 federal income tax return.IRS says on its website as under :
” You may still be eligible to receive a payment in 2021 if:
- You did not register online, by mail and did not get a payment in 2020 or,
- You received a payment, but it wasn’t the full amount of the Economic Impact Payment. The maximum credit is $1,200, or $2,400 if married filing jointly, plus $500 for each qualifying child.
- When you file a 2020 Form 1040 or 1040SR you may be eligible for the Recovery Rebate Credit. Save your IRS letter – Notice 1444 Your Economic Impact Payment – with your 2020 tax records. You’ll need the amount of the payment in the letter when you file in 2021.”
Want more information on stimulus check?
For stimulus check under Economic Impact Payments and the 2020 Recovery Rebate, visit IRS.gov/eip.
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