The Coronavirus Response and Relief Supplemental Appropriations Act – a $900B relief package, agreed to as a part of the Consolidated Appropriations Act of 2021 to deliver the second round of economic stimulus for individuals, families, and businesses was signed into law December 27, 2020. The bill provides relief through multiple measures and expands many of the provisions already put into place under the CARES Act, including a second round of direct stimulus payments to individuals and families.
You may have questions about the second stimulus check like, “how do I receive my stimulus check?”, “when will I receive my stimulus check?”, or “how do I receive a second stimulus check if I’m not required to file a tax return?”
Here are answers to some of the top questions about the second stimulus checks to help you:
Who is Eligible for the Second Stimulus Check?
If you have an adjusted gross income (AGI) of up to $75,000 ($112,500 Head of Household, $150,000 married filing jointly), you could be eligible for the full amount of the recovery rebate.
*Note, adjusted gross income (AGI) is your gross income like wages, salaries, or interest minus adjustments for eligible deductions like student loan interest or your IRA deduction. Your AGI can be found on line 8b of your 2019 Form 1040.
As your AGI increases over $75,000 ($150,000 married filing jointly), the stimulus amount will go down. The stimulus check rebate will completely phase out at $87,000 for single filers with no qualifying dependents and $174,000 for those married filing jointly with no dependents.
The same eligibility rules apply to the second stimulus payment as the first one. You must have a valid Social Security number, and you can’t have been claimed as a dependent on someone else’s 2019 tax return.
In general, taxpayers without an eligible Social Security number are not eligible for the payment. However, households with different immigration and citizenship statuses will be eligible to receive $600 per individual and $600 per child with Social Security numbers.
I’m Eligible for a Stimulus Check, How Do I Receive My Payment?
A second wave of direct stimulus payments for millions of Americans – up to $600 for eligible individuals, $1,200 for joint taxpayers, and an additional $600 for each dependent child under 17 – is on the way for millions. This means a family with two children could receive $2,400.
As of today, there is nothing you need to do to get a stimulus payment. The IRS will begin work to issue stimulus payments using the most recent information they have on file, likely from your 2019 tax return, either by direct deposit or by check.
We expect stimulus payments will begin to be sent in the next couple of weeks..
You can calculate how much your check is projected to be using TurboTax stimulus check calculator.
If I’m not required to file a tax return how do I get a second stimulus check?
Currently, IRS will use the information it has on file to deliver stimulus checks, including if you registered using the IRS Enter Payment Information tool in 2020. If you are a Social Security retirement or disability income recipient who doesn’t typically file a tax return, you do not need to take any action to get your stimulus payment as it will be automatically calculated based on information from your 2019 Form SSA-1099 Social Security Benefit Statement or RRB-1099 Social Security Equivalent Benefit Statement and deposited by the IRS.
If you receive Supplemental Security Income (SSI) you will automatically receive your stimulus payment with no further action needed. The Treasury Department, not the Social Security Administration, will make these automatic payments to SSI recipients. You will generally receive the automatic payments by direct deposit, Direct Express debit card, or by paper check, just as you would normally receive your SSI benefits.
Veterans and their beneficiaries who receive Compensation and Pension (C&P) benefit payments from VA who don’t usually file a tax return and didn’t file their tax year 2018 or tax year 2019 taxes also don’t need to do anything and will automatically receive their $600 stimulus check.
If none of these apply, you should be able to file a return for the Recovery Rebate Credit to get any payments you deserve during the upcoming filing season.
When Will I Receive My Stimulus Check? How Do I Track the Status of My Stimulus Check?
Payments will begin to be sent within the next few weeks. To find out timing of your stimulus check, you can check the IRS Get My Payment Tool.
Can I get the second stimulus through my 2020 tax return(the one I file in 2021)?
The second stimulus payments will be advance payments of the recovery rebate credit just like the first stimulus payments under the CARES Act. If you received too little stimulus based on your actual 2020 income or you didn’t receive the second stimulus at all, you may be able to receive the payment in the form of a recovery rebate credit.
Also, if you received too much stimulus based on your actual 2020 income you will not have to pay it back through a tax return in the upcoming filing season, just like the first stimulus payment.
Will I Receive My Second Stimulus Payment on a Debit Card?
The IRS may start depositing some stimulus payments on some debit cards, including the Turbo® Visa® Debit Card, for taxpayers that chose to receive their refund through that method in tax year 2019. If you received your refund on a Turbo® Visa® Debit Card during your most recent tax filing ( 2019), here is what you need to know.
If you have access to your debit card, there is nothing more you need to do. If the IRS deposits a stimulus payment onto your debit card, you will be able to immediately use the stimulus funds upon deposit.
If you selected a refund transfer or a debit card when you filed your taxes and a stimulus payment is sent from the IRS to that account, you will receive your stimulus payment without delay or fees into the account you received your tax refund.
If you received a notification that you will be receiving your stimulus payment from the IRS on your debit card and no longer have access to it, you can request a replacement card by either signing in to your Turbo Visa Debit Card account or calling 888-285-4169 and reporting your card lost/stolen. We’ll waive or refund standard replacement fees so there’s no cost to you.
What if My Turbo Card Account is Closed?
If your Turbo Visa Debit Card account is closed or no longer active, the bank will reject the stimulus payment deposit and return the money to the IRS. The IRS will then mail a check to the address on your 2019 or 2018 tax return, or the address on file with the U.S. USPS, whichever is more current.
Can I Change My Stimulus Payment Method?
At this time you can not update your payment method and the IRS will use the information it already has on file. After the IRS begins issuing funds, please visit IRS Get My Payment tool to view the method the IRS used to deliver payments.
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