An emergency COVID-19 economic relief bill was signed into law on December 27, 2020. Here’s what you need to know.
What are the payment amounts for second stimulus ?
$600 per eligible taxpayer.
$600 per qualifying child dependent under age 17.
What are the income limits for the second round of stimulus?
$75,000 for Single/Married Filing Separately taxpayers.
$150,000 for Married Filing Jointly taxpayers.
$112,500 for Head of Household.
For those above these income levels, the stimulus payment amount will be reduced by $5 for each $100 that your income is above these thresholds.
A family of four is not eligible for a stimulus payment if their income is $198,000 or greater. A married couple with no children would no longer be eligible if their income is $174,000 or greater. Individual taxpayers would no longer be eligible if their income is $87,000 or greater.
Will older children who I claim as dependents receive a stimulus payment?
Individuals and children older than 17, who are dependents on another taxpayer’s return are not eligible for a stimulus payment.
When will the government start issuing stimulus payments?
The IRS began sending out stimulus payments in the last week of December, 2020.
Where will my 2nd stimulus check be sent?
Certain processing issues at the IRS will cause payment delays for many Americans waiting to receive their relief. It is estimated that the IRS has inadvertently sent payments to over 13 million bank accounts that are no longer open or valid. Impacted banks are required to send the affected payments back to the U.S. Treasury.
While this will cause some delay, the IRS has stated that returned payments will be re-processed and sent out as paper checks or debit cards to taxpayers within 14 days of receipt after the beginning of tax season. This means that affected taxpayers may not receive their funds until February. Until these payments are re-processed, taxpayers may experience some intermittent inaccuracies with the status of their EIP (stimulus funds) on IRS’s Get My Payment tool.
Our office has not and will not receive funds from the IRS to distribute to taxpayers.
San Diego Taxman does not have the ability to view your EIP history or access your account with the IRS. Please visit irs.gov for the latest updates and guidance regarding the second round of EIP payments. After the IRS begins issuing funds, please visit IRS Get My Payment tool to view the method the IRS used to deliver payments.
For more answers to common tax questions, see our most frequently asked questions here.