The second round of stimulus checks of $600 per person (including dependents) has started going out. With concerns about how these new payments—officially known as EIP 2—will be disbursed, along with the prospect, however doubtful, of a higher amount in the works, there are bound to be questions. The information below will help you know what, if anything you need to do and when to expect your money.

Key Takeaways

  • Second-round stimulus payments (EIP 2) have begun.
  • The IRS Get My Payment online portal will be up within days so taxpayers can check the status of their payment.
  • Social Security and railroad retirees will automatically receive their payment.
  • You probably don't need to do anything to get your payment unless you didn't file a tax return in 2019.
  • Your payment may come in the form of a direct deposit, debit card, or paper check.
  • If you miss out on getting a stimulus payment, you could be eligible for a Recovery Rebate Credit on your 2020 taxes.

Do I Get a Second Stimulus Check?

If you are a U.S. citizen or resident alien who is not eligible to be claimed as a dependent on someone else's tax return, you will likely automatically receive a stimulus payment. In addition, each of your dependents, age 16, and younger will be eligible as well.

With the first stimulus payment, joint returns of couples where only one member of the couple had a Social Security number were ineligible for payment unless one of them was a member of the military. The new stimulus stipulates that these couples will now be eligible to receive payments for the taxpayers and qualifying child dependents with work-eligible SSNs.

How Much Will I Get?

The Coronavirus Response and Relief Supplemental Appropriations Act of 2021, signed by President Trump Sun., Dec. 27, provides for payment of $600 to adults ($1,200 per married couple) and $600 to each dependent 16 and under.

While there is no limit on the number of dependents 16 and under you can claim, dependents 17 and older are not eligible.

When Will I Get My Money?

Checks are literally "in the mail" to millions of taxpayers, according to the IRS. These payments are being delivered to you if you received a first-round payment earlier in 2020. Direct deposits are being made currently and will continue into next week. Your payment could come in one of three ways—direct deposit, debit card, or paper check.

Are There Income Restrictions?

Yes. If your adjusted gross income (AGI) for 2019 is $75,000 ($150,000 for married couples who file jointly) or less, you will receive the full amount. If your AGI is higher, the amount your receive will be reduced up to $87,000 AGI for single adults, $124,500 for heads of household, and $174,000 for married couples filing jointly. At that point, you will receive nothing. These amounts are lower and more restrictive than those for the first stimulus check through the CARES Act.

What About Social Security Beneficiaries, Railroad Retirees and Veterans Who Do Not Typically File a Return?

Most Social Security retirement and disability beneficiaries, railroad retirees and those receiving veterans’ benefits do not need to take any action. You should receive your EIP 2 the same way you receive regular benefits. If you don't receive payment, you can file a 2020 return and claim a refundable rebate.

What If I Didn't Register With the Non-Filer's Tool?

If you are otherwise eligible and do not receive a second stimulus check, you can claim a refundable tax credit by filing a 2020 tax return. The IRS should begin accepting 2020 tax returns near the end of January 2021.

Check the Get My Payment Portal

You will be able to check the status of both your first and second Economic Impact Payments (EIPs) by using the Get My Payment tool, available in English and Spanish on IRS.gov. within a few days. The tool is in the process of being updated with new information, and your best bet is to check the site daily.

What About the CASH Act?

H.R. 9501, the CASH Act, was passed by the House of Representatives Dec. 28, 2020 and currently awaits action by the Senate. This bill amends the new law to provide a $2,000 stimulus payment per adult and per each qualifying dependent instead of the current $600.

If this bill were to become law, as currently written, each adult taxpayer and each dependent age 19 or younger (24 if a full time student) would receive $2,000. This would not be on top of the $600 already enacted into law, so if you had already receive $600, you would receive an additional $1,400.