The IRS has begun a second round of the Economic Impact Payments to individuals with the first payments being sent out on December 30th. As before individuals will receive their payment either via direct deposit to their bank account or via mail. The IRS emphasizes that there is no action required by eligible individuals to receive this second payment.

Who is Eligible For Payment ?

If you have adjusted gross income (for 2019) up to $75,000 for individuals or $150,000 for married couples filing joint returns and surviving spouses you will receive the full amount of the second payment. If your Adjusted Gross Income is over these thresholds, then the amount of your Economic Stimulus Payment will be reduced. Those taxpayers with qualifying children will also receive $600 for each qualifying child who is under the age of 17.

Eligible individuals who did not receive the first economic payment (or the second one) will be able to claim it when they file their 2020 tax return. These individuals will be entitled to a 'refundable ax credit' on their tax return.