360 CPA Solutions
712 N. Main St.
Newcastle, OK 73065
(405) 381-6012
main@360cpasolutions.com

As of 12/29/2020, the Internal Revenue Service and the Treasury Department will begin delivering a second round of Economic Impact Payments. The following information has been pulled directly from the IRS.

What we know as of right now:

  1. Direct Deposit: The direct deposit payments have began as of 12/29/20 and will continue into next week. Most recipients will receive payment this way.
  2. Social Security via Direct Express: For Social Security and other beneficiaries who received the first round of payments via Direct Express, they will receive this second payment the same way.
  3. NOT Direct Deposit: Anyone who received the first round of payments earlier this year but doesn’t receive a payment via direct deposit will generally receive a check or, in some instances, a debit card. For those in this category, the payments will conclude in January.
  4. Haven’t Received Payment: Eligible individuals who did not receive an Economic Impact Payment this year – either the first or the second payment – will be able to claim it when they file their 2020 taxes in 2021.
  5. Eligibility for Payment: Eligible individuals 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.  Generally, if you have adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the second payment. For filers with income above those amounts, the payment amount is reduced.
  6. Check Status of Payment: The Get My Payment tool is currently down, but it is anticipated by the IRS to be back up and running in the coming days. Once up, people will be able to check the status of both their first and second payments.

To continue reading about the Second Economic Impact Payment, please visit: IRS: Second Economic Impact Payment.

If any of our clients have any questions, please don’t hesitate to give our office a call at (405) 381-6012.