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Economic Impact Payments Information

Economic Impact Payments Information

You likely have heard that the second round of Economic Impact Payments (EIPs) has been approved.  They are rolling out in three forms:

The IRS started to distribute the second EIPs on December 29. Direct deposit payments should be deposited within the next two weeks. Distribution of paper checks began on Wednesday, December 30, and should continue through the end of January. If you received an initial EIP, no additional action is required to receive this second payment.

The income criteria for the second round of payments is the same as the first. If you are a U.S. citizen or permanent resident making under $75,000 a year (single) or $150,000 a year (married filing jointly) and are not claimed as a dependent on someone else’s tax returns, you likely will qualify for the full $600 payment ($1,200 married couples). Families with qualifying children will also receive $600 for each dependent under age 17. Eligible individuals do not need to take any action to receive the EIP.

In addition to checks and direct deposits, Treasury will also be sending a limited number of payments out by debit card. The Economic Impact Payment debit card will be sent in a white envelope that prominently displays the U.S. Department of the Treasury seal. It has the Visa name on the front of the card and the issuing bank, MetaBank®, N.A.

If you did not receive one or both EIPs, but believe you are eligible, you will be able to claim the equivalent “Recovery Rebate Credit” when you file your 2020 federal income tax return.

You can learn more about the second round of EIPs on the IRS website.