Second Round of Economic Impact Payments to Begin Today

The second round of Economic Impact Payments to Americans will begin as early as today.  According to a press release from the U.S. Treasury Department issued on December 29, 2020, “the initial direct deposit payments may begin arriving as early as tonight for some and will continue into next week.  Paper checks will begin to be mailed tomorrow, Wednesday, December 30.”

The press release indicates that the payments will be distributed automatically to eligible individuals. “Eligible individuals will receive an Economic Impact Payment of up to $600 for individuals or $1200 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.” 

Later this week, you may check the status of your payment at I RS.gov/GetMyPayment.  For more information about Economic Impact Payments, please visit IRS.gov/EIP.

FAQs about Economic Impact Payments are available on the IRS website.