The IRS began issuing the second round of Economic Impact Payments December 30, 2020. For those who have direct deposit information on file, your payment should have been deposited by January 4, 2021. Paper checks and debit cards are in the process of being sent out and will continue through January. You will receive an IRS notice by mail confirming your payment. Keep this notice with your tax records.
No action is necessary to receive the payment. They will use the information from your 2018 or 2019 tax return, SS and VA beneficiary records, or information that you entered into the Non-Filer tool for the first stimulus payment.
Where is my payment?
The IRS has re-launched their Get My Payment tool. You can log on to get your payment status and the deposit date or estimated check date. The site has been overwhelmed by users and may take additional loading time.
To use the tool, you must verify your identity by answering security questions. If your information does not match your IRS records you will receive an error message. If this happens, double check the information you have entered for accuracy, and try variations of your address, such as abbreviating ‘Street’ or leaving out any punctuation. You can also try searching for your address with the USPS zip code lookup tool and entering it exactly as it appears in their files.
I get ‘Payment Status Not Available’.
Some people may get a message from the tool indicating ‘Payment Status Not Available’. If you did not file a 2018 or 2019 return, or a recent return has not yet been processed, you may see this message. You may also see ‘we cannot determine your eligibility at this time’. The IRS is still adding data and the site is updated once per day. If you are receiving this notice they recommend you check back the following day. The IRS is not accepting any contact for issues regarding the payment or the ‘Get My Payment’ tool at this time.
My stimulus is for the wrong amount.
This payment is subject to income phaseouts at $5 less for every additional $100 in adjusted gross income over $75,000 for single filers and $150,000 for joint filers. An extra $600 will be issued for any children under 17 listed on your return. Payments were issued based on your 2018 or 2019 tax return, but they are an advance credit from your 2020 return. When you file your return this spring, your eligibility for the payments will be recalculated using your 2020 data. If you were issued too much money, you will not be expected to return any overpayment. If you qualify for more or did not receive part of your payment for some reason, you will get it in the form of a refund on your 2020 return. You can claim the additional money owed on your 2020 Form 1040 as the Recovery Rebate Credit.
I don’t have direct deposit information on file.
Watch your mail during January. You may receive your payment as either a paper check or a prepaid VISA debit card. Your form of payment may not be the same as you received last time. The IRS does not determine who receives a card instead of a check, and residents of the western US are more likely to receive a card. The cards will arrive in a white envelope prominently displaying the Treasury Department seal. Each card will include instructions for activation and use.
You can find more information on eligibility and the payments on the IRS FAQ page.
