Stimulus Checks: Round Two

On 12/29/2020, the IRS announced that, together with the Treasury Department, it would be delivering a second round of Economic Impact Payments, better known as “stimulus checks.”

If you are eligible to receive the stimulus payment, there is no action required on your part. Deposits and mail delivery began on 12/30, so you may already have received your deposit. If you’ve enrolled for direct deposit with the IRS, you can access your bank account online to see whether you’ve received the deposit (if you received your tax refund as a direct deposit, you have probably enrolled for direct deposit, and the IRS can use this same account information in most cases).

What If I Haven’t Received Mine?

The direct deposit is automatic, but it may take a bit of time for you to receive yours. If you are eligible for payment and do not receive a direct deposit, you will receive a check (or, in some cases, a debit card) by mail. The IRS projects for mailing to be complete by the end of January. If you are eligible and do not receive your first and/or second payment, you can claim them when you file your 2020 taxes.

Am I Eligible?

The IRS states, “generally, U.S. citizens and resident aliens who are not eligible to be claimed as a dependent on someone else’s income tax return are eligible for this second payment.”

As far as the amount goes, the IRS also clarifies that, “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 and surviving spouses, you will receive the full amount of the second payment. For filers with income above those amounts, the payment amount is reduced.” See the IRS’ recent press release for more information.

As always, feel free to contact an Arthur State Bank representative with any questions.