COVID-19 Second Stimulus Check: What to Expect

The IRS and the Treasury Department began issuing a second round of Economic Impact Payments, often referred to as stimulus payments, last week. Some Americans may have seen the direct deposit payments as pending or as provisional payments in their accounts before the scheduled payment date of January 4, 2021, which is the official date the funds are available. The payments will be distributed automatically, with no action required for most people. Check on the status of your stimulus check.

 

Visit our Coronavirus FAQ webpage for more answers to common stimulus check questions.

 

Who is eligible?

Most tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by the $75,000/$150,000 thresholds.

 

What will I receive?

Eligible taxpayers who filed tax returns for either 2019 or 2018 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.

 

What do I need to do?

The majority of people will not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.

For people who have already filed their 2019 tax returns, the IRS will use this information.

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.

 

How will I receive it?

The economic impact payment will be deposited using direct deposit into the bank account specified on the filers 2019 return.

In the event that the filer did not elect to use direct deposit for their 2019 return a check will be mailed to their address of record.

 

Be Aware of Stimulus Check Scams

It is very important to be wary of emails, texts, calls, or other correspondence relating to your COVID-19 government stimulus check. Any emails, texts, or calls are not legitimate. They might promise faster delivery or ask to verify personal or banking information – the government will NOT do this. To learn about other COVID-19 scams to look out for and how to report them you can read NBSB’s “North Brookfield Savings Bank’s COVID-19 Scams & Fraud Awareness” article.