On December 29, many eligible individuals received their second stimulus payment of 2020 directly in their bank account. If you received your first payment earlier in 2020 but have not received the second payment, a check or debit card may be coming your way.
The second stimulus payments are part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, signed into law on December 27. This bill, also known as the Coronavirus Relief Act, is much more intricate than the CARES Act, which provided $2.2 trillion towards Coronavirus relief. The Coronavirus Relief Act provides a record-setting $3 trillion towards coronavirus fiscal support. Based on an individual's filing status, the second stimulus payments could range from $600 to $2,000.
The stimulus payments provided from the Coronavirus Relief Act noticeably differ from the payments eligible individuals received earlier this year. The payment amount for one adult earning up to $75,000 per year decreased from $1,200 to $600. However, the second stimulus payments benefit families in a greater way since they receive $600 per dependent under the age of 17 instead of $500.
Since IRS personnel are hurrying to send out the second stimulus checks before they focus on the 2021 tax-filing season, they request that taxpayers do not call them and instead use the tools and resources on their website;
- If you did not receive your second stimulus payment at the end of 2020, you can go to "Get My Payment" to track the delivery status.
- If you received only a portion of your first stimulus check, you can still use "Get My Payment" to track the second portion; however, the tool will show only the most recent payment.
- Using Form 1040 or 1040-SR, eligible individuals can claim their Recovery Rebate Credit for 2020.
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