On December 29, 2020, the IRS announced that it will be sending a second round of relief payments — also referred to as stimulus checks — to millions of Americans that received them in 2020.
Who is eligible?
- Households will get $600 per adult and $600 a child, down from $1,200 and $500 in the first round delivered earlier in the pandemic. That means a single parent with two children will get $1,800 now after receiving $2,200 in the spring.
- The payments start phasing out when individual adjusted gross income exceeds $75,000, when head-of-household income exceeds $112,500, and when income for married couples filing jointly exceeds $150,000.
- For individuals without children, the payments go to zero when income reaches $87,000; that is $174,000 for married couples.
- The numbers are generally based on 2019 income.
When will I get my check?
- Could be as early as the 4th of January and should be no later than the 15th of January.
- The IRS has begun printing physical checks as of 12/30/2020.
How can I check the status of my payment?
- Visit this page of the IRS website: https://www.irs.gov/coronavirus/get-my-payment and click the blue “Get My Payment” button.
- Log into Online or Mobile Banking. The direct deposit will show as coming from “IRS TREAS 310”.
What if I did not get a check?
- Eligible individuals who don’t receive a check or direct deposit by January 15, 2021, will have to request a $600 refund when filing 2020 tax returns.
- Lower-income workers who wouldn’t otherwise need to file tax returns could possibly miss out on a check if they don’t make a filing.
Can I supply my Direct Deposit info for this second round?
- The deadline to supply info has already passed. IRS will use previous banking information.
What is different than last time?
- Amount of payments will be lower based on new income restrictions.
- A much higher percentage of deposits will be direct deposit.
- Disbursement will begin much more quickly and last no longer than a few weeks.
- The IRS portal to provide Direct Deposit info will not be available as the deadline has passed.
What if my payment was returned?
- If a payment is returned to the IRS for whatever reason, the IRS stated it would take about 14 days for the physical check to get to the member.