Where's My Second Stimulus Check?
A second stimulus payment is on the way for millions for Americans.
As a part of the Coronavirus Response and Relief Supplemental Appropriations Act recently signed into law, the IRS will be sending a second round of stimulus payments.
You may have questions about the second stimulus check like, "how do I receive my stimulus check?", "when will I receive my stimulus check?", or "how do I receive a second stimulus check if I'm not required to file a tax return?"
Here are answers to some of the top questions about the second stimulus checks:
Who is Eligible for the Second Stimulus Check?
The IRS determines your eligibility for a stimulus and how stimulus payments get distributed.
If you have an adjusted gross income (AGI) of up to $75,000 ($112,500 Head of Household, $150,000 married filing jointly), you could be eligible for the full amount of the recovery rebate – $600 for eligible individuals, $1,200 for joint taxpayers, and an additional $600 for each dependent child under 17.
*Note, adjusted gross income (AGI) is your gross income like wages, salaries, or interest minus adjustments for eligible deductions like student loan interest or your IRA deduction. Your AGI can be found on line 8b of your 2019 Form 1040.
As your AGI increases over $75,000 ($150,000 married filing jointly), the stimulus amount will go down. The stimulus check rebate will completely phase out at $87,000 for single filers with no qualifying dependents and $174,000 for those married filing jointly with no dependents.
The same eligibility rules apply to the second stimulus payment as the first one. You must have a valid Social Security number, and you can't have been claimed as a dependent on someone else's 2019 tax return.
In general, taxpayers without an eligible Social Security number are not eligible for the payment. However, households with different immigration and citizenship statuses will be eligible to receive $600 per individual and $600 per child with Social Security numbers.
I'm Eligible for a Stimulus Check, How Do I Receive My Payment?
There is nothing you need to do to get a stimulus payment. The IRS has begun issuing stimulus payments using the most recent information they have on file, likely from your 2019 tax return, either by direct deposit or by check.
Taxpayers with direct deposit information on file will receive the payment that way. For those without current direct deposit information on file, they will receive the payment as a check or debit card in the mail. For those eligible but who don't receive the payment for any reason, it can be claimed by filing a 2020 tax return in 2021. Remember, the Economic Impact Payments also known as stimulus payments are an advance payment of what will be called the Recovery Rebate Credit on the 2020 Form 1040 or Form 1040-SR.
When Will I Receive My Stimulus Check? How Do I Track the Status of My Stimulus Check?
According to the IRS, direct deposit payments started to be distributed on Dec. 29th and will continue for the next couple of weeks. Paper checks will be mailed starting Wednesday, December 30.
The IRS is the best source for when and how your stimulus payment will be distributed. You can check the status of both your first and second payments by using the Get My Payment tool, available in English and Spanish only on IRS.gov. The tool is being updated with new information, and the IRS anticipates the tool will be available again in a few days.
If I'm not required to file a tax return how do I get a second stimulus check?
Currently, the IRS will use the information it has on file to deliver stimulus checks, including if you registered using the IRS Enter Payment Information tool in 2020. If you are a Social Security retirement or disability income recipient who doesn't typically file a tax return, you do not need to take any action to get your stimulus payment as it will be automatically calculated based on information from your 2019 Form SSA-1099 Social Security Benefit Statement or RRB-1099 Social Security Equivalent Benefit Statement and deposited by the IRS.
If you receive Supplemental Security Income (SSI) you will automatically receive your stimulus payment with no further action needed. The Treasury Department, not the Social Security Administration, will make these automatic payments to SSI recipients. You will generally receive the automatic payments by direct deposit, Direct Express debit card, or by paper check, just as you would normally receive your SSI benefits.
Veterans and their beneficiaries who receive Compensation and Pension (C&P) benefit payments from VA who don't usually file a tax return and didn't file their tax year 2018 or tax year 2019 taxes also don't need to do anything and will automatically receive their $600 stimulus check.
If none of these apply, you should be able to file a return for the Recovery Rebate Credit to get any payments you deserve during the upcoming filing season.
Will I receive anything for my tax records showing I received a second stimulus payment?
The IRS will issue a letter or form that shows the amount of stimulus you were issued for your records. If you didn't receive a full stimulus payment and you are eligible to claim more in the form of a Recovery Rebate Credit on your 2020 taxes you should have the form showing the amount of your payment in front of you when you sit down to file your taxes.
Can I get the second stimulus through my 2020 tax return(the one I file in 2021)?
The second stimulus payments will be advance payments of the recovery rebate credit just like the first stimulus payments under the CARES Act. If you received too little stimulus based on your actual 2020 income or you didn't receive the second stimulus at all, you may be able to receive the payment in the form of a Recovery Rebate Credit.
Also, if you received too much stimulus based on your actual 2020 income you will not have to pay it back through a tax return in the upcoming filing season, just like the first stimulus payment.
Will I Receive My Second Stimulus Payment on a Debit Card?
The IRS may deposit some stimulus payments on debit cards, including the Turbo® Visa® Debit Card, for taxpayers that chose to receive their refund through that method in tax year 2019. If you received your refund on a Turbo® Visa® Debit Card during your most recent tax filing (2019), here is what you need to know.
If you have access to your debit card, there is nothing more you need to do. If the IRS deposits a stimulus payment onto your debit card, you will be able to immediately use the stimulus funds upon deposit.
If you selected a refund transfer or a debit card when you filed your taxes and a stimulus payment is sent from the IRS to that account, you will receive your stimulus payment without delay or fees into the account you received your tax refund.
If you received a notification that you will be receiving your stimulus payment from the IRS on your debit card and no longer have access to it, you can request a replacement card by either signing in to your Turbo Visa Debit Card account or calling 888-285-4169 and reporting your card lost/stolen. We'll waive or refund standard replacement fees so there's no cost to you.
What if My Turbo Card Account is Closed?
If your Turbo Visa Debit Card account is closed or no longer active, the bank will reject the stimulus payment deposit and return the money to the IRS. The IRS will then mail a check to the address on your 2019 or 2018 tax return, or the address on file with the U.S. USPS, whichever is more current.
Can I Change My Stimulus Payment Method?
At this time you can not update your payment method and the IRS will use the information it already has on file. After the IRS begins issuing funds, please visit IRS Get My Payment tool to view the method the IRS used to deliver payments.
We've Got You Covered
You can be confident that TurboTax is here to keep you informed and help you file now.
TurboTax has COVID-19 specific guidance to help you with impacts that happened this year and through coronavirus relief. TurboTax will ask you upfront if you received a stimulus payment and help you claim the Recovery Rebate Credit and other tax deductions and credits you're eligible for based on your entries.
If you have questions, you can connect live via one-way video to a TurboTax Live CPA or tax expert with an average 12 years experience and get your tax questions answered. TurboTax Live CPAs and tax experts are available in English and Spanish, year round and can also review, sign, and file your tax return or you can fully hand over your taxes with TurboTax Live Full Service. All from the comfort of your home.
TurboTax will continue to keep you updated on coronavirus relief as more details and guidance come out. Be sure to check back with the TurboTax Blog and our TurboTax Coronavirus Tax Center for the latest information.
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