The second round of Economic Impact Payments are being delivered.
January 11, 2020 Update – Economic Impact Payments (EIP2)
We are pleased that a large majority of our customers have received their second Economic Impact Payment (EIP2). However, we were notified today that there are others where the funds are still with the IRS. If you did not receive your payment, you will likely see it when the IRS sends out the rest of the direct deposit payments the last week of January. Some recipients of EIP2 will receive their payment by check or prepaid debit card. Those payments will begin processing the last week of January but will likely take longer to reach recipients.
The IRS also posted updated information:
January 8, 2020 Update – Economic Impact Payments (EIP2)
We realize this stimulus payment is critical for many people and we are doing what we can to help as the IRS and financial industry work to issue these payments. For our customers affected by the IRS error, payments have been sent out and you should see deposits in the next few days. The IRS and our banking partner have also released updates regarding the second Economic Impact Payment – see links below.
January 6, 2020 Update – Economic Impact Payments (EIP2)
Due to an IRS error, some stimulus payments were not deposited as expected. We have been working tirelessly with our banking partners and the IRS to resolve the issue that has delayed these payments.
We anticipate that most delayed payments will be deposited in the next few days.
This will not affect taxpayers that are expecting to get their stimulus payment through the mail.
If the bank account information that you provided the IRS is no longer valid, the direct deposit of your EIP2 payment will be rejected and you should take the Recovery Rebate Credit on your 2020 tax return.
A new stimulus relief package has passed. The initial direct deposit and mailed payments have begun.
Eligible recipients will receive a payment of $600 for individuals or $1,200 for married couples and up to $600 for each qualifying child. For filers with income above a certain level, the payment amount is reduced.
This second round of payments are being distributed automatically, with no action required for eligible individuals. Your payment will be determined by information already on file with the IRS. Your personal information, dependents, and direct deposit details will be used to send your second payment.
For full details regarding payments, please visit IRS.gov/EIP
Check the status of your payment
You’ll be able to get more information from the IRS about your payment by visiting IRS.gov/GetMyPayment.
Questions & Answers
Q: How do I update my direct deposit information or mailing address so I can get the second Economic Impact (stimulus) Payment or EIP2?
A: Due to the speed at which EIP2 payments are being delivered, there is no time to update direct deposit information. If an EIP2 payment is rejected by the bank because of incorrect routing/account numbers, you will be issued a check.
Q: When will I get the stimulus or second Economic Impact Payment (EIP2)?
A: All payments are in progress, but when you receive yours will depend on whether it is delivered directly to your bank account or through the mail. Most direct deposit payments should be received by January 5th and mailed payments should be delivered before the end of January.
Q: Will the second Economic Impact Payment (EIP2) affect my taxable income?
A: Economic impact payments are not taxable and will not be included with your total taxable income for the year.
Q: How will the Economic Impact Payment or stimulus be sent? By mail or direct deposit?
A: The IRS will use the bank account information entered for direct deposit on your most recently filed return. If a bank account for direct deposit information is not on file with the IRS or is not valid, they will send a paper check or a debit card. For more information on debit cards visit EIPCard.com.
Q: Should I contact the IRS, or my bank, if I have questions about my payment?
A: Contacting the IRS or your bank is not recommended because all payments are automatically deposited or mailed based on information the IRS has on file.
Did you miss the first Economic Impact Payment?
You may still be eligible to receive a credit in 2021 if:
- You did not register online or by mail and did not get a payment in 2020 or,
- You received a payment, but it wasn’t the full amount of the Economic Impact Payment you’re eligible for. The maximum credit is $1,200, or $2,400 if married filing jointly, plus $500 for each qualifying child.
If you meet the requirements above, you may be eligible for the Recovery Rebate Credit when you file your 2020 taxes. You should have received an IRS letter (Notice 1444 Your Economic Impact Payment). You’ll need the amount of the payment in the letter when you file your 2020 tax return.