Good news! Another stimulus rebate payment is coming! And the question on everyone’s mind is, “When will I get my second stimulus check?”

The President signed the COVID-related Tax Relief Act of 2020 on December 27, 2020. The new law includes the second round of recovery rebate payments. Individuals and children (under age 17) are entitled to a $600 rebate if income is below a threshold amount. A family of four can qualify for a $2,400 rebate payment.

The payment you receive is based on the income shown on your 2019 tax return. If your 2019 income is too high, you will not qualify for a recovery rebate payment. When adjusted gross income (AGI) exceeds $75,000 single, $112,500 head of household, and $150,000 married filing joint, the payment is reduced by $5 for every $100, which your AGI exceeds the applicable threshold amount. For example, a single taxpayer with AGI over $87,000 does not qualify for the rebate.

Adult dependent children do not qualify for the $600 rebate.

If you received a rebate payment during 2020, you will receive this second round, with this one caution. If the earlier rebate was based on your 2018 AGI (your 2019 return wasn’t filed yet) and the 2019 AGI is higher, the phaseout rules may mean you will receive a reduced payment or no payment on the second round of rebates.

When will I receive my second stimulus check? 

Some people have already received their second stimulus via direct deposit, so check your bank account. However, according to the IRS, if you had direct deposit information on your 2019 return, the rebate payments should start to arrive in mid-January. Paper checks will be at least a month later. Do not expect a paper check (or a debit card) until near the end of February 2021.

As of January 5, the IRS Economic Impact Payment website “Get My Payment” is live again. You cannot add your direct deposit information, but you can check the status of your first and second payments.

Troubleshooting:

1. Getting a message that your information doesn’t match? Open your 2019 tax return and copy paste the exact street address as entered on the 1040. Same with the postal code. If it doesn’t work, try your 2018 tax return info. You can only try 3 times before getting blocked for 24 hours.

2. Payment status unavailable? The most common reasons are:

  • You did not file a 2019 or 2018 tax return
  • You mailed your tax return and it has not yet been processed
  • You e-filed your tax return but it is delayed due to manual review
  • You are not eligible for a stimulus payment due to income too high in 2019

3. Your payment amount is wrong or part is missing? You will be able to request a rebate as a refund on your 2020 tax return for both the first and second stimulus.

Check the IRS FAQ for more issues!

Are you a U.S. citizen living abroad who needs help filing your U.S. taxes? BNC Tax can help! Contact us today for a free consultation about your specific situation, or check our blog for information and commonly asked questions.