12/31/2020
The second round of Stimulus Payments started going out this week.
What do I have to do to get my check?
The IRS emphasizes that there is no action required by eligible individuals to receive this second payment. Some Americans may see the direct deposit payments as pending or as provisional payments in their accounts before the official payment date of Jan. 4, 2021. The IRS reminds taxpayers that the payments are automatic, and they should not contact their financial institutions or the IRS with payment timing questions.
What if I was eligible for a payment and did not receive it?
You will be able to claim it when you file your 2020 taxes in a few weeks. The payment will be added to your refund check or lower your balance due.
How will I get my payment?
As with the first round of payments under the CARES Act, most recipients will receive these payments by direct deposit. 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.
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. If additional legislation is enacted to provide for an additional amount, the Economic Impact Payments that have been issued will be topped up as quickly as possible.
The initial direct deposit payments may begin arriving as early as tonight for some and will continue into next week. Paper checks started to be mailed out Wednesday, Dec. 30.
Do I have to claim the payment as Income on my tax return?
No you do not