Second Round of Economic Impact Payments Coming
Treasury and IRS begin delivering second round of Economic Impact Payments to millions of Americans
On December 29, 2020, the IRS and Treasury Department began delivering a second round of Economic Impact Payments to millions of Americans who received the first round of payments earlier in 2020. Paper checks began to be mailed on Wednesday, Dec. 30.
There is no action required by eligible individuals to receive this second payment.
The payments are automatic
Do NOT contact your financial institution or the IRS with payment timing questions.
Most recipients will receive these payments by direct deposit.
Social Security and other beneficiaries who received the first round of payments via Direct Express, will receive this second payment the same way.
If additional legislation is enacted to provide for an additional amount, the Economic Impact Payments that have been issued will be topped up as quickly as possible. The IRS urges taxpayers who didn’t receive a payment this year to review the eligibility criteria when they file their 2020 taxes. Many people, including recent college graduates, may be eligible to claim it. On Form 1040 and 1040-SR, the Economic Impact Payments (EIP) are referred to as the Recovery Rebate Credit (RRC) on Form 1040 or Form 1040-SR since the EIPs are an advance payment of the RRC.
Who is eligible for the second Economic Impact Payment?
U.S. citizens and resident aliens who are not eligible to be claimed as a dependent on someone else’s income tax return
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.
Filers with income above those amounts, the payment amount is reduced.
How do I find out if the IRS is sending me a payment?
You can check the status of both your first and second payments by using the Get My Payment tool, available in English and Spanish.
Is any action needed by Social Security beneficiaries, railroad retirees and those receiving veterans’ benefits who are not typically required to file a tax return?
Most Social Security retirement and disability beneficiaries, railroad retirees and those receiving veterans’ benefits do not need take any action to receive a payment. For eligible people in this group who didn’t receive a payment for any reason, they can file a 2020 tax return. Will I receive anything for my tax records showing I received a second Economic Impact Payment? Yes. People will receive an IRS notice, or letter, after they receive a payment telling them the amount of their payment. They should keep this for their tax records.
Where can I get more information? IRS.gov/eip
For other COVID-19-related tax relief, visit IRS.gov/Coronavirus.