Second Economic Impact Payment

By now, if you had received the first stimulus payment through direct deposit, you may have noticed the second stimulus payment pending in your account. The IRS began paying the second stimulus on December 29th with checks going out starting on the 30th.

If you received a debit card in the past, a second card will be issued between now and January 4th. There is no action required for eligible individuals to get the second stimulus payment.

Anyone who received the first round of payments earlier this year but doesn’t receive a payment via direct deposit will receive a check, or in some instances, a debit card. Eligible individuals who did not receive either of the Economic Impact Payments this year will be able to claim it when you file your 2020 taxes in 2021. If new legislation is enacted to provide an additional amount, the Economic Impact Payment that has been issued will be topped off as quickly as possible.

US citizens and resident aliens who are not eligible to be claimed as a dependent on someone else’s income tax return are eligible for the second payment. The Economic Impact Payment is up to $600 for individuals or $1,200 for married couples and up to $600 for each qualifying child. The adjusted gross income limit is the same as the last stimulus for the full payment, ($75,000 for individuals and $150,000 for married filing joint and surviving spouses). For filers with income above those limits, the amount of the payment is reduced.

The IRS is currently updating the "Get My Payment " tool where you will be able to check the status of your second stimulus payment. Again, if you do not receive the payment you can still claim it on your 2020 tax return if you are eligible.

Thank you and Happy New Year!