Economic Impact Payment Information

Economic Impact Payment Information

Economic Impact Payment Information

Updated at 8:36 p.m. Dec. 29, 2020

According to the Internal Revenue Service, the IRS and the Treasury Department will begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments earlier this year. No action is required of eligible individuals at this time. Funds will be automatically deposited into your bank account that is on file from your 2019 tax filing.

The initial direct deposit payments may begin arriving as early as Dec. 29, 2020 for some and will continue into next week. Paper checks will begin to be mailed Wednesday, Dec. 30, 2020.

Recipients can expect to receive $600 for individuals and each dependent under the age of 17 claimed for tax year 2019. Taxpayers who earned under $75,000 and married couples who earned under $150,000 in 2019 will be eligible for the full amount. For others above the stated income levels, relief funds phase out completely at $87,000 for individuals and $174,000 for couples.

If you did not receive an Economic Impact Payment earlier this year, the IRS provides information on its website on how to claim this on your 2020 tax filing.

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