Table of Contents
- 1 When Will I Get My Second Stimulus Check?
- 2 Do I Have to File Taxes to Get a Stimulus Check?
- 3 Who Will Receive a Second Stimulus Check?
- 4 How Do I Get My Second Stimulus Check?
- 5 When Will I Receive My Second Stimulus Check?
- 6 How Can I Get a Stimulus Check if I Don’t File a Tax Return?
- 7 Will the IRS Send Me Something for My Tax Records?
- 8 Can I Claim the Second Stimulus Payment on My 2020 Tax Return?
- 9 Will I Receive a Prepaid Debit Card for My Second Stimulus Check?
- 10 What if I Closed My Turbo Card Account?
- 11 Can I Change My Current Stimulus Payment Method?
- 12 TurboTax Has The Stimulus Updates
- 13 How to File Taxes Online in 3 Simple Steps With TurboTax
When Will I Get My Second Stimulus Check?
The IRS has announced the first round of direct deposit second stimulus checks were sent on December 29th, 2020. These will continue for the next couple of weeks and into 2021. Physical stimulus checks will be mailed starting December 30th, 2020.
Millions of Americans were relieved during the 2020 holiday season when the Coronavirus Response and Relief Supplemental Appropriations Act was signed into law. It meant that millions of American taxpayers were going to get a second Federal stimulus check.
The IRS will be responsible for issuing these checks, and they will be using 2019 tax return information to do it. However, it is likely many Americans are now wondering where their second stimulus check is, how much they are going to get, and if they need to file their 2020 taxes to get a check?
Do I Have to File Taxes to Get a Stimulus Check?
Yes, the IRS says if you are required to file taxes then you must do so to get a stimulus check. If you have not filed your 2019 return yet, you should do so right away. Make sure you have included your direct deposit information to get your check as soon as possible.
For those not required to file taxes, the IRS will use the information on Form SSA-1099 or Form RRB-1099 to provide stimulus checks. This includes senior citizens, Social Security recipients, and railroad retirees who are not required to file taxes.
If you are required to file, consider filing an online return to get a Stimulus Check.
Who Will Receive a Second Stimulus Check?
The latest round of Federal stimulus checks is not universal. Only certain Americans will be eligible to receive one.
If you are a single taxpayer with an adjusted gross income of more than $75,000, a head of household reporting an adjusted gross income of more than $112,500, or married filing jointly with a gross income of more than $150,000, you will not be eligible to receive the full check.
The value of the stimulus is $600 for single taxpayers, $1,200 for taxpayers married and filing jointly, plus an extra $600 check per dependent child under the age of 17.
If your adjusted gross income is above these limits, the value of the check will gradually start to phase out. For taxpayers with an adjusted gross income of more than $87,000, or $174,000 for married filing jointly, assuming they have no dependents, they will not be eligible for a second stimulus payment.
The eligibility rules have not changed from the first check. Only Americans with a valid Social Security number are eligible to claim. Also, you must not have been claimed as a dependent on another taxpayer’s 2019 return.
There have been some changes to help out mixed-status households, however. If you do not have a social security number, you may still be able to receive $600 per individual and $600 per dependent child under the age of 17 as long as they do have Social Security numbers. During the first round of stimulus checks, mixed-status households were completely excluded.
How Do I Get My Second Stimulus Check?
Assuming you are eligible for a stimulus check, you do not have to do anything to receive it. The IRS will use the information they have on file about you to issue your check. This can be sent either through a physical check or direct deposit.
If you already have direct deposit information on file, the IRS will use this payment method by default. If your direct deposit information is not current, you will receive either a prepaid debit card or a physical check in the mail.
For Americans who are eligible but have not received their stimulus payments, they will still be able to claim the value of the stimulus check through their 2020 tax returns.
Taxpayers should take into account that Economic Impact Payments are an advance payment of the new Recovery Rebate Credit, which will be available for the 2021 tax season. It can be claimed through Forms 1040 and 1040SR.
When Will I Receive My Second Stimulus Check?
The IRS is releasing regular updates on the status of second stimulus checks. They said the first direct deposit payments were sent on December 29th, 2020. These will continue for the next couple of weeks. Physical checks will be mailed starting December 30th, 2020.
If you are desperate to find out more about the status of your stimulus payment, you can use the Get My Payment tool on the IRS website.
How Can I Get a Stimulus Check if I Don’t File a Tax Return?
Millions of Americans are not required to file a Federal tax return every year. Anyone on disability income or Social Security payments, for example, are not required to file one, in most cases.
You do not have to worry because the IRS will also draw information from Form SSA-1099 and Form RRB-1099.
Americans receiving Supplemental Security Income (SSI) will also automatically receive their stimulus checks. The difference is the Treasury Department will make this payment.
Veterans also do not need to do anything because the IRS has also requested taxpayer information from the Veterans Administration. Stimulus checks will be received by veterans in the same way as their other benefits.
In the event none of these scenarios apply to you, you will be able to add the Recovery Rebate Credit to your 2020 tax return.
Will the IRS Send Me Something for My Tax Records?
The IRS will issue a form or a letter stating how much you have received in stimulus payments. If you are someone who did not receive the full stimulus payment, you may be eligible to claim the outstanding amount through the Recovery Rebate Credit on your 2020 tax return.
Can I Claim the Second Stimulus Payment on My 2020 Tax Return?
All stimulus payments are advances of the Recovery Rebate Credit. If you received too little stimulus through your checks, you may be able to claim the outstanding amount on your tax return.
However, if you received the full stimulus payment, you will not be able to claim any additional stimulus through the Recovery Rebate Credit.
If you received too much stimulus due to your actual income during the 2020 tax year, you would not need to pay it back through your tax return.
Will I Receive a Prepaid Debit Card for My Second Stimulus Check?
The IRS may issue some stimulus payments through prepaid debit cards, including the TurboTax Visa Debit Card. This will usually occur if you filed with TurboTax and opted to receive your tax refund in this manner during the 2019 tax year.
If you have received a debit card, you do not need to do anything. You will be able to use these funds immediately.
If you opted for refund transfer or a debit card on your 2019 tax return, your stimulus payment will be sent to this account.
If, for any reason, you do not have access to your Turbo Visa Debit Card, you can get a new card via TurboTax or by calling 888-285-4169. TurboTax has agreed to waive any replacement fees and the moment you receive your new card you will be able to utilize the funds from your stimulus.
What if I Closed My Turbo Card Account?
If this is the case, the stimulus payment will be rejected by the bank and returned to the IRS. The IRS will, then, send a paper check to the address stated on your 2018 or 2019 tax returns. Alternatively, they will use your address from USPS. They will always use the most current address.
Can I Change My Current Stimulus Payment Method?
You cannot change your payment method of choice. The IRS will use the existing information they have on file.
Check the Get My Payment tool on the IRS website to find out which method the IRS will use to issue your stimulus payment.
TurboTax Has The Stimulus Updates
TurboTax is working hard to keep its customers updated with stimulus payments. The TurboTax Website includes the latest information on COVID-19 tax guidance, as well as how stimulus payments work and what you need to know in advance of the 2021 tax filing season.
Taxpayers who have questions can contact a TurboTax Live CPA through a one-way video chat. These experts have an average of 12 years’ worth of experience between them. Furthermore, they are available throughout the entire year and can offer support in both English and Spanish.
If you do not want the hassle, you can also purchase the TurboTax Live Full Service and a TurboTax expert will handle everything on your behalf.