Who Is Eligible for the Second Stimulus Payments?
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment of $600 for individuals and $1,200 for married couples. For filers with income above those amounts, the payment amount is reduced by 5% of the amount that their adjusted gross income is above the threshold. Parents also receive $600 for each qualifying child.
When will payments be made?
Payments direct deposit payments and paper checks were sent out through December 31, 2020.
How can I check the status of my payment?
The IRS has relaunched their Get My Payment tool from earlier this year. You can check the status of your payment here. IRS is also mailing letters to those whose payments weren’t sent out by the December 31st deadline, letting them know how to claim the credit. You can see a sample of this letter here.
I don’t have the same bank account any more. Will the IRS issue a paper check?
No. Because of the close time between the stimulus checks and the 2020 tax filing season, IRS is asking anyone who didn’t get their stimulus payment because of a direct deposit issue to file their 2020 tax return as soon as possible and claim the credit.
I didn’t file my 2019 tax return. Did I lose out on the stimulus check?
No. If you are otherwise eligible but didn’t get the payment, you can claim the stimulus payment on your tax return. This is called the Recovery Rebate Credit. The IRS will start accepting 2020 tax returns on January 27, 2020.
I owe back taxes. Will I still receive a payment?
Yes. Individuals with back tax liabilities will still be eligible to receive a stimulus payment.
How long are the economic impact payments available?
The economic impact payments will be available throughout the rest of 2020. If you need help filing a tax return, please click here to contact our office.