Second Coronavirus Stimulus Check — What you need to know

Congress recently voted to authorize another round of stimulus checks due to the economic fallout from Covid-19.

The second stimulus check will be up to $600 per adult and $600 for each child dependent.

A child dependent is defined as a child that is 16 years old or younger. There is no cap on the maximum number of children that you can claim for a stimulus check.

When will you receive the 2nd stimulus check?

Direct deposit

Those that have direct deposit information on file with the IRS will receive their payments as early as Tuesday, December 29, 2020.

Paper checks

The Treasury will begin mailing out paper checks on Wednesday, December 30, 2020.

Who will qualify for the stimulus check #2?

All eligible adults with adjusted gross incomes less than the following will qualify for the full payment:

  • $75,000 for single taxpayers
  • $150,000 for married taxpayers

Those with adjusted gross incomes that are greater than the above will receive a partial payment if their income is less than the following:

  • $87,000 for single taxpayers
  • $174,000 for married taxpayers

Those making more than that will receive no payment.

Those who are claimed as dependents on someone else’s tax return do not qualify for a stimulus payment.

What do I need to do to get a stimulus check?

The IRS emphasizes that there is no action required by eligible individuals to receive this second payment.

Those with direct deposit

As with the first round of payments, the second round will also be sent by direct deposit for those with direct deposit information on file with the IRS.

Those without direct deposit

Those without direct deposit on file with the IRS will receive a check or a debit card in the mail.

Social security recipients

For Social Security and other beneficiaries who received the first round of payments via Direct Express, they will receive this second payment the same way.

How do I check the status of the payment?

You can check the status of the payment using the Get My Payment tool on the IRS website.

The Get My Payment will let you confirm:

  • That the IRS sent your second Economic Impact payment, also known as a stimulus payment.
  • That the IRS sent your first payment. Some people received their first Economic Impact Payment in partial payments. If you received partial payments, the application will show only the most recent.
  • Your payment type: direct deposit or mail.

Data is updated once per day overnight, so there’s no need to check more than once per day.

The IRS will also issue a notice, or letter, about the second payment. Keep your Notice 1444 with your tax records.

The IRS states to not call about the second stimulus payment; their phone assistors do not have additional information beyond what’s available on IRS.gov and in the Get My Payment application.

How do I change my bank account information or mailing address?

Due to the speed at which these payments are being distributed, the IRS stated that it cannot change payment information, including bank account information and mailing address.

The IRS will use the direct deposit information it currently has for you to deposit the payment. If the bank rejects it, the IRS may mail a paper check or prepaid debit card to your address on file.

Did your payment get deposited into the wrong account or an account you don’t recognize?

If you used H&R Block’s Refund Transfer option, your refund may have been deposited into a temporary account.

H&R Block stated that “the IRS Get My Payment website may display an account number you don’t recognize. If you took a Refund Transfer, it may be reflecting that account number. Check your 2019 return to confirm.”

The company said on twitter that the payments will get to its customers, although there may be a delay.

Why did I get a debit card this time?

The IRS stated that the form of payment for the second mailed stimulus may be different than the first mailed stimulus.

Some people who received a paper check last time might receive a prepaid debit card this time, and some people who received a prepaid debit card last time may receive a paper check.

What happens if you don’t receive a payment?

For those eligible but who don’t receive all or a portion of their payment for any reason, it can be claimed by filing a 2020 tax return in 2021.

The Economic Impact Payments are an advance payment of what will be called the Recovery Rebate Credit on the 2020 Form 1040 or Form 1040-SR.

On your 2020 tax return, you will get a refundable Recovery Rebate Credit for any portion of the stimulus payment #1 or #2 that you did not receive but should have received.

Who do I contact for more information?

The IRS states to not call about the second stimulus payment; their phone assistors do not have additional information beyond what’s available on IRS.gov and in the Get My Payment application.

The IRS also advises not to call your financial institution because the payments are made automatically.

You can check the status of the payment on the IRS Get My Payment tool.

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