INDIANAPOLIS — The Internal Revenue Service launched this week a Get My Payment tool that will allow you to check the status of both your first and second stimulus check payments.
The IRS is urging people to visit IRS.gov for the most current information on the second round of Economic Impact Payments rather than calling the agency or their financial institutions or tax software providers.
IRS phone operators do not have additional information beyond what’s available on IRS.gov, according to the agency. Last week, the IRS and the Treasury Department began issuing a second round of Economic Impact Payments, often referred to as stimulus checks.
The direct deposit payments may take several days to post to individual accounts, the agency said.
“Some Americans may have seen the direct deposit payments as pending or as provisional payments in their accounts before the scheduled payment date of Jan. 4, 2021, which is the official date funds are available,” said the IRS in a news release. “Paper checks also began going out and will continue to be sent through January. Some people will be mailed debit cards in January, and the IRS urges people to carefully check their mail. Mailed payments will require more processing and mailing time.”
The IRS emphasizes that you do not need to do anything if you’re eligible to receive the second stimulus payment.
“The payments are automatic, and people should not contact their financial institutions or the IRS with payment timing questions,” said the IRS in a statement.
In general, 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.
If you are eligible, you 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.
Most people who have an adjusted gross income for 2019 of up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses will receive the full amount of the second payment.
For filers with income above those amounts, the amount you receive will be reduced.
The IRS says stimulus payments will continue going out through mid-January.
Direct deposit payments are being made first to those that have valid routing and account information on file for direct deposit purposes, according to the agency.
“Because of the speed at which IRS issued this second round of payments, some payments may have been sent to an account that may be closed or no longer active,” read the IRS statement. “By law, the financial institution must return the payment to the IRS. They cannot hold and issue the payment to an individual when the account is no longer active. While the IRS is exploring options to correct these payments, if you have not received your full payment by the time you file your 2020 tax return, you may claim the Recovery Rebate Credit on your tax return.
For people who received a partial Economic Impact Payment, they can take the Recovery Rebate Credit for any remaining amount they’re eligible for by completing line 30 of the 2020 Form 1040 or 1040-SR.
The IRS is also reminding taxpayers it cannot change payment information, including bank account or mailing information.
If an eligible taxpayer does not get a payment or it is less than expected, it may be claimed on the 2020 tax return as the Recovery Rebate Credit, said the agency.
For more information about Economic Impact Payments and the 2020 Recovery Rebate Credit, visit the IRS website.