January 17, 2021
Where’s My Second Stimulus Check
Where’s My Second Stimulus Check?
As a part of the Coronavirus Response and Relief Supplemental Appropriations Act recently signed into law, a second stimulus payment is on the way for millions for Americans.
Here are answers to some of the top questions you may have about the second stimulus checks:
Who is Eligible for the Second Stimulus Check?
If you have an Adjusted Gross Income*(AGI) of up to $75,000 ($112,500 Head of Household, $150,000 married filing jointly), you could be eligible for the full amount of the recovery rebate – $600 for eligible individuals, $1,200 for joint taxpayers, and an additional $600 for each dependent child under 17.
*Note, adjusted gross income (AGI) can be found on line 8b of your 2019 Form 1040.
As your AGI increases over $75,000 ($150,000 married filing jointly), the stimulus amount will go down. The stimulus check rebate will completely phase out at $87,000 for single filers with no qualifying dependents and $174,000 for those married filing jointly with no dependents.
The same eligibility rules apply to the second stimulus payment as the first one. You must have a valid Social Security number, and you cannot have been claimed as a dependent on someone else’s 2019 tax return.
In general, taxpayers without an eligible Social Security number are not eligible for the payment. However, households with different immigration and citizenship statuses will be eligible to receive $600 per individual and $600 per child with Social Security numbers.
I’m Eligible for a Stimulus Check, How Do I Receive My Payment?
There is nothing you need to do to get a stimulus payment. The IRS has begun issuing payments using the most recent information they have on file, likely from your 2019 tax return, either by direct deposit or by check.
Taxpayers with direct deposit information on file will receive the payment that way. For those without current direct deposit information on file, they will receive the payment as a check in the mail or a notification of a deposit on your prepay debt card. If you direct deposited your 2019 refund, the IRS retains this information, which the IRS is able to use to deposit stimulus payments.
The IRS is directing tax filers, who have not received their full payment by the time they file their 2020 tax return, to claim the Recovery Rebate Credit on this year’s tax return since these payments are an advance of the Recovery Rebate Credit on the 2020 Form 1040 or Form 1040-SR. We will guide tax filers through the process of claiming the Recovery Rebate Credit so that eligible filers get every dollar they deserve.
When Will I Receive My Stimulus Check? How Do I Track the Status of My Stimulus Check?
According to the IRS, direct deposit payments have begun being distributed. Paper checks and prepaid debit cards for eligible filers who do not have ACH information on file began being mailed starting Wednesday, December 30.
The IRS is the only source for when and how your stimulus payment will be distributed. You can check the status of both your first and second payments by using the Get My Payment tool, available in English and Spanish on IRS.gov.
Why Haven’t I Received My Stimulus Payment Yet?
Unfortunately, because of an IRS error, millions of payments were sent to the wrong accounts and some may not have received their stimulus payment.
UPDATE – January 8th
We are happy to share that stimulus payments will begin to be deposited on January 8th for millions of our customers affected by the IRS error. We expect most of these payments to be available that day, but banks could take a few business days to process. Payment will be deposited into the same bank account that customers received their 2019 tax refund.
If I’m not required to file a tax return, how do I get a second stimulus check?
Currently, the IRS would use the information it has on file to deliver stimulus checks, including if you registered using the IRS Enter Payment Information tool in 2020. If you are a Social Security retirement or disability income recipient who does not typically file a tax return, you do not need to take any action to get your stimulus payment as it will be automatically calculated based on information from your 2019 Form SSA-1099 Social Security Benefit Statement or RRB-1099 Social Security Equivalent Benefit Statement and deposited by the IRS.
If you receive Supplemental Security Income (SSI) you will automatically receive your stimulus payment with no further action needed. The Treasury Department, not the Social Security Administration, will make these automatic payments to SSI recipients. You will generally receive the automatic payments by direct deposit, Direct Express debit card, or by paper check, just as you would normally receive your SSI benefits.
Veterans and their beneficiaries who receive Compensation and Pension (C&P) benefit payments from VA who don’t usually file a tax return and didn’t file their tax year 2018 or tax year 2019 taxes also don’t need to do anything and will automatically receive their $600 stimulus check.
If none of these apply, you should be able to file a 2020 tax return and claim the Recovery Rebate Credit to get any payments you deserve during the upcoming filing season.
Will I receive anything for my tax records showing I received a second stimulus payment?
The IRS will issue a letter or form that shows the amount of stimulus you were issued for your records. If you didn’t receive a full stimulus payment and you are eligible to claim more in the form of a Recovery Rebate Credit on your 2020, you should provide this information to your tax professional.
Can I get the second stimulus through my 2020 tax return (the one I file in 2021)?
The second stimulus payments will be advance payments of the recovery rebate credit just like the first stimulus payments under the CARES Act. If you are eligible and do not get a payment or it is less than expected, you may be able to claim it on your 2020 tax return as the Recovery Rebate Credit. The IRS is directing tax filers, who have not received their full payment by the time they file their 2020 tax return, to claim the Recovery Rebate Credit on their tax return..
Additionally, if you received too much stimulus based on your actual 2020 income you will not have to pay it back through a tax return in the upcoming filing season, just like the first stimulus payment.
Will I Receive My Second Stimulus Payment on a Debit Card?
The IRS may deposit some stimulus payments on debit cards, for taxpayers that chose to receive their refund through that method in tax year 2019. If you received your refund on a card during your most recent tax filing (2019), here is what you need to know.
If you have access to your debit card, there is nothing more you need to do. If the IRS deposits a stimulus payment onto your debit card, you will be able to immediately use the stimulus funds upon deposit.
If you received a notification that you will be receiving your stimulus payment from the IRS on your debit card and no longer have access to it, you will need to contact the company that issued the card and request a replacement.
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