The Internal Revenue Service and the Department of the Treasury have begun to deliver a second stimulus check as part of the Coronavirus relief plan.
Taxpayers who qualify for the second round of Economic Impact Payments can receive a check of up to $600 for individuals or $1,200 for married couples and $600 for each dependent child.
Here we explain how to qualify for stimulus check #2 and what to do to receive this Economic Impact Payment.
Who will qualify for the second stimulus check?
Generally, those taxpayers whose adjusted gross income for 2019 is less than the following will qualify for the full payment of the second stimulus check:
- $75,000 for individuals.
- $150,000 for married couples filing jointly and surviving spouses.
Those taxpayers whose adjusted gross income exceeds these amounts will receive a partial payment.
According to the IRS, no action is required from eligible taxpayers to receive the second Economic Impact Payment. The IRS emphasizes that these payments are automatic and that it is not necessary to contact your financial institutions or the IRS with questions related to payment timing.
As with the first round of Economic Impact Payments, most taxpayers will receive the second payment via direct deposit.
Meanwhile, those without direct deposit on file with the IRS will receive a check or debit card in the mail.
For Social Security and other beneficiaries who received the first stimulus payment through Direct Express, they will receive this second payment in the same way.
Initial direct deposit payments can start arriving as early as December 29, 2020, while paper checks will begin to be mailed on Wednesday, December 30, 2020.
Those taxpayers who have direct deposit information on file with the IRS can view direct deposit payments as pending or provisional payments in their account by January 4, 2021.
You can check the status of your second Economic Impact Payment by using the Get My Payment tool, available on IRS.gov.
If the Get My Payment tool does not provide a payment date, a payment will not be issued. If this happens and you meet the eligibility criteria, you can claim the Recovery Rebate Credit by filing a 2020 tax return in 2021.
If you are eligible but for some reason do not receive all or a portion of the second stimulus payment, you can claim the equivalent Recovery Rebate Credit when you file your 2020 federal income tax return.
Remember that Economic Impact Payments are an advance payment of what will be called the Recovery Refund Credit on the 2020 Form 1040 or Form 1040-SR.
For more information on Economic Impact Payments and the 2020 Recovery Rebate, visit IRS.gov/eip.
Stimulus check 2 calculator
What was your filing status on your most recent tax form?
*If youre married and filing separately, chose "Single" on this form.
How many children under 17 did you claim as dependents on your most recent tax form?
What was your most recent adjusted gross income?*
*Adjusted gross income is calculated from your gross income, and reported on the IRS Form 1040.