COVID Tax Relief – 2nd Round Economic Impact Payments
Although the Get My Payment Tool is currently not available, it’s expected to be open for you to check the status of your second stimulus payment soon. The IRS will continue to make updates to the Get My Payment portal to provide updated information for taxpayers in the near future.
The initial direct deposit payments have been arriving and paper checks have begun to be mailed and delivered. The process of issuing millions of payments does take significant processing time. Therefore, everyone shouldn’t expect to receive payments at the same time.
Eagle Eye Tax Solutions does not have access to your stimulus payment history or can’t make a change to your disbursement option. Our tax preparers or staff members do not have the ability to inquire or update. For updated information, please visit Get My Payment. See below for answers about the second round of economic impact payments.
How do I find out if the IRS is sending me a payment?
People can check the status of both their first and second payments by using the Get My Payment tool, available in English and Spanish only on IRS.gov. The tool is being updated with new information, and the IRS anticipates the tool will be available again in a few days for taxpayers. Eagle Eye Tax Solutions does not have the ability to access or update your stimulus payment history with the IRS. Visit Get My Payment for updated information.
How will the IRS know where to send my payment? What if I changed bank accounts?
The IRS will use the data already in our systems to send the new payments. Taxpayers with direct deposit information on file will receive the payment that way. For those without current direct deposit information on file, they will receive the payment as a check or debit card in the mail. For those eligible but who don’t receive the payment for any reason, it can be claimed by filing a 2020 tax return in 2021. Remember, 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.
Will people receive a paper check or a debit card?
For those who don’t receive a direct deposit by early January, they should watch their mail for either a paper check or a debit card. To speed delivery of the payments to reach as many people as soon as possible, the Bureau of the Fiscal Service, part of the Treasury Department, will be sending a limited number of payments out by debit card. Please note that the form of payment for the second mailed EIP may be different than for the first mailed EIP. Some people who received a paper check last time might receive a debit card this time, and some people who received a debit card last time may receive a paper check.
IRS and Treasury urge eligible people who don’t receive a direct deposit to watch their mail carefully during this period for a check or an Economic Impact Payment card, which is sponsored by the Treasury Department’s Bureau of the Fiscal Service and is issued by Treasury’s financial agent, MetaBank®, N.A. The Economic Impact Payment Card will be sent in a white envelope that prominently displays the U.S. Department of the Treasury seal. It has the Visa name on the front of the Card and the issuing bank, MetaBank®, N.A. on the back of the card. Information included with the card will explain that this is your Economic Impact Payment. More information about these cards is available at EIPcard.com.
Eagle Eye Tax Solutions does not have the ability to access or update your stimulus payment history with the IRS. Visit Get My Payment for updated information.
Is any action needed by Social Security beneficiaries, railroad retirees and those receiving veterans’ benefits who are not typically required to file a tax return?
Most Social Security retirement and disability beneficiaries, railroad retirees and those receiving veterans’ benefits do not need take any action to receive a payment. Earlier this year, the IRS worked directly with the relevant federal agencies to obtain the information needed to send out the new payments the same way benefits for this group are normally paid. For eligible people in this group who didn’t receive a payment for any reason, they can file a 2020 tax return at Eagle Eye Tax Solutions.
I didn’t file a tax return and didn’t register with the IRS.gov non-filers tool. Am I eligible for a payment?
Yes, if you meet the eligibility requirement. While you won’t receive an automatic payment now, you can still claim the equivalent Recovery Rebate Credit when you file your 2020 federal income tax return at Eagle Eye Tax Solutions.
Will I receive anything for my tax records showing I received a second Economic Impact Payment?
Yes. People will receive an IRS notice, or letter, after they receive a payment telling them the amount of their payment. They should keep this for their tax records.
Who is eligible for the second Economic Impact Payment?
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. Eligible individuals will automatically receive an Economic Impact Payment of up to $600 for individuals 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 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.
Are payments automatic for eligible taxpayers?
Payments are automatic for eligible taxpayers who filed a 2019 tax return, those who receive Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits as well as Supplemental Security Income (SSI) and Veterans Affairs beneficiaries who didn’t file a tax return. Payments are also automatic for anyone who successfully registered for the first payment online at IRS.gov using the agency’s Non-Filers tool by November 21, 2020 or who submitted a simplified tax return that has been processed by the IRS. Eagle Eye Tax Solutions does not have the ability to access or update your stimulus payment history with the IRS. Visit Get My Payment for updated information.
Will people who have died since the first stimulus payment was issued receive this second payment?
At this time, based on the rules it appears that those who died after December 31, 2021 are eligible for the stimulus payment.
Will my past due child support disqualify the stimulus payment?
The second stimulus payment will be issued to people that has overdue child support without being garnished.
I have an ITIN, will I receive a stimulus payment?
For individuals that are married and one have a SSN while the other may have an ITIN, the taxpayer with an SSN, and any qualifying children with an SSN are eligible for the stimulus payment. However, people with an ITIN do not qualify for the stimulus payment alone. Eagle Eye Tax Solutions does not have the ability to access or update your stimulus payment history with the IRS. Visit Get My Payment for updated information.
Can I change my disbursement method or direct deposit account?
At this time the IRS has not provided an update regarding changing disbursement or account selection relating to the latest round of payments. Eagle Eye Tax Solutions does not have the ability to access or update your stimulus payment history with the IRS. Visit Get My Payment for updated information.