You might have heard about the second stimulus deposit to individuals — an element included in the Coronavirus Response and Relief Supplemental Appropriations Act of 2021. The U.S. Treasury announced the second batch of payments is expected to be available starting on January 4, 2021. Payments will continue in batches until completed.
Here’s what you need to know:
- One-time payments, starting at $600 for individuals and $1,200 for married couples, plus an additional $600 per child, will be based on your, or you and your spouse’s, adjusted gross income.
- For single tax filers — this payment begins to reduce for incomes exceeding $75,000; and incomes exceeding $99,000 will be excluded.
- For joint tax filers — payments begin to reduce for incomes exceeding $150,000, up to $198,000, where joint tax filers would then be excluded.
- Payments will be sent automatically, via direct deposit or a check by mail, depending on your previous tax return information.
- If you filed your 2019 tax return, and had your return direct deposited — you’re all set! The IRS will use that return to calculate your payment and then deposit the payment into the same account you used for your return.
- If you haven’t filed your 2019 tax return, but filed and used direct deposit for 2018 — you’re also, all set! Your payment will be calculated and deposited using the information from your 2018 return.
- If your tax filing status falls under special circumstances, the IRS has outlined a number of other scenarios. View other scenarios on the IRS’s Economic Impact Payments page.
- Non-filers, individuals who do not file taxes, can use an application available on the IRS website. View additional information regarding non-filers and the available application.
You can find this information and more regarding the economic impact payments, on IRS.gov: Economic Impact Payments: What You Need to Know.
Soon you will be able to check your payment status on the irs.gov Get My Payment tool.
Expecting a check? Use Mobile Check Deposit on the CEFCU Mobile Banking App. Find it under the Transactions menu.