What to Know About the Economic Impact Payments (EIP) Stimulus Check
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Congress has passed legislation that gives approval to the IRS to issue a second round of stimulus payments, also called Economic Impact Payments (EIP).
These payments will be made to eligible individuals and families and are part of the Coronavirus Response and Relief Supplemental Appropriations Act as part of the Consolidated Appropriations Act of 2021.
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Additionally, this bipartisan legislation renews the Paycheck Protection Program which supports small businesses and their employees and provides access to unemployment benefits for those who have lost their job due to the COVID-19 pandemic.
“Throughout this challenging year, the IRS has worked around the clock to provide Economic Impact Payments and critical taxpayer services to the American people,” said IRS Commissioner Chuck Rettig, in a release. “We are working swiftly to distribute this second round of payments as quickly as possible.”
The legislation also provides funding for schools and COVID-19 vaccine distribution, among other things.
Who Issues These Payments?
The Internal Revenue Service (IRS) is the agency issuing the payments.
Do I Qualify?
The IRS says that U.S. citizens and resident aliens are eligible for this second payment, given that they are not claimable as a dependent on someone else’s tax return.
How Much Will I Get?
Individuals may receive up to $600 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.
How Do I Know If I Am Getting A Payment?
Visit IRS.gov and the Get My Payment tool.
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Will I get a Direct Deposit, a paper check, or a debit card?
Taxpayers with direct deposit information on file will receive their payment that way. Those who did not receive their deposit by early January should watch their mail for a paper check or debit card.
Where Can I Get More Information?
Visit IRS.gov/eip for more information.
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