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Who is eligible for the second round of Economic Impact Payments

Posted by Admin Posted on Dec 31 2020

Who is eligible for the second round of Economic Impact Payments -
Generally, U.S. citizens who are not eligible to be claimed as a dependent on someone else’s income tax return are eligible for this second payment. 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. Generally, 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 you will receive the full amount of the second payment. For filers with income above those amounts, the payment amount is reduced.
You can check the status of your first and second payments by using the Get My Payment tool, however please note that the tool is being updated with new information, and the IRS anticipates the tool will be available again in a few days for taxpayers.

Taxpayers with direct deposit information on file with the IRS will receive their payment that way, and taxpayers without current direct deposit information on file, you 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, since the Economic Impact Payments are an advance payment of what will be called the Recovery Rebate Credit on the 2020 Form 1040.
Those taxpayers who don’t receive a direct deposit by early January should watch their mail for either a paper check or a debit card instead.

Happy Holidays! 

Mike and Staff