Update on New Economic Impact Payments
The Coronavirus Response and Relief Supplemental Appropriations Act of 2021 authorizes additional Economic Impact Payments (EIPs) to be made by the IRS by January 15, 2021.
Timing of Payments
Most of those who are eligible have already received their payments via direct deposit. Paper checks (and in some cases, debit cards) are still coming in the mail. Legislation requires payments to be made by January 15, 2021.
The IRS emphasizes that there is no action required by eligible individuals to receive this second payment. The IRS reminds taxpayers that the payments are automatic and they should not contact their financial institutions or the IRS with payment timing questions.
Eligible individuals will automatically receive a payment of up to $600 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. For filers with income above those amounts, the payment amount is reduced.
How do I find out if the IRS is sending a payment?
You can check the status of your payment on the IRS website by using the Get My Payment tool, available in English and Spanish. Some delays may occur due to high demand.
According to the IRS,eligible individuals who don't receive a check or direct deposit by January 15, 2021, will have to request a $600 refund when filing 2020 tax returns.
For more information, please visit IRS.gov.
*Consult with a qualified tax professional for specific tax advice.