Where’s my money?

Check your accounts and mail boxes for second Economic Impact Payment

The Internal Revenue Service and Treasury Department began issuing the second round of Economic Impact Payment (EIP) stimulus payments last week.

Individuals have already begun seeing the deposit in their bank accounts.

Others, who are receiving a paper check or a debit card, can expect for those to start arriving in the mail through January.

The amount allocated for single persons is $ 600, $ 1,200 for married couples who

filed a joint return, and $600 for each qualifying child. Dependents who are 17 and older do not qualify for the additional supplement.

Individuals who reported an adjusted gross income for 2019 up to $75,000 and married couples and surviving spouses who filed joint returns up to $150,000 will receive the full amount. Those making amounts higher than those income thresholds will receive a reduced payment amount.

No action is required to ensure payment. The IRS has asked taxpayers not to contact their financial institutions or the IRS with questions regarding the timing of their payment; rather go to irs. gov/getmypaymnent.

Eligible persons who did not receive their EIP; the first payment, the second payment, or both; will be able to claim that funding when they file their 2020 taxes. EIP payments will be listed as Recovery Rebate Credit (RRC), Form 1040, or Form 1040 SR.

The eligibility for the second round of payments was expanded; please go to irs.gov to confirm your eligibility if you have questions.

The IRS will be issuing a notice or letter to those individuals who did receive their payment indicating the amount of their payment which should be kept for their tax records.

For more information about the EIP and the 2020 Recovery Rebate go to irs.gov/eip.

Additional COVID-19 pandemic related tax relief information can be found at irs.gov/coronavirus.

The EIP stimulus payments were funded through the Coronavirus Aid, Relief, and Economic Security (CARES) Act.