The Internal Revenue Service has been sending out the second round of stimulus payments that were part of the Coronavirus Response and Relief Supplemental Act of 2021.
Some Facts about Stimulus Payments
What are the economic impact payments?
The stimulus payments are refundable tax credits, which means your next tax bill will be reduced by the amount of the stimulus you receive. For example, if you receive $600 and owe $500 in taxes, the federal government will refund $100 to you. Additionally, you will not pay income taxes on the stimulus, nor will it reduce your tax refund or increase the amount you owe.
Who is eligible to receive a stimulus payment:
U.S. citizens and resident aliens who are not being claimed as a dependent on another’s income tax return.
Single adults who reported a 2019 tax return with an adjusted gross income of $75,000 or less are eligible to receive $600.
Married couples who filed jointly with an adjusted gross income of up to $150,000 will qualify to receive $1,200.
Families with children under 17 will receive an additional $600 for each child.
How to receive the payment
If you filed an electronic tax return in 2019 and provided bank account information, or you receive Social Security, the stimulus payment will be automatically deposited into your account.
Anyone who received the first round of stimulus in 2020 but don’t qualify for a direct deposit will receive a check or, in some instances, a debit card.
If you didn't get the full Economic Impact Payment, you may be eligible to claim the Recovery Rebate Credit.
For more information on stimulus payments, visit the Internal Revenue Service.
If a deceased member of your family received a stimulus check, you can find instructions on how to return the payment at the IRS.
Find more information at IRS Frequently Asked Questions.