![]() ![]() “We are working swiftly to distribute this second round of payments as quickly as possible. “Throughout this challenging year, the IRS has worked around the clock to provide Economic Impact Payments and critical taxpayer services to the American people,” said IRS Commissioner Chuck Rettig. People will see the Economic Impact Payments (EIP) referred to as the Recovery Rebate Credit (RRC) on Form 1040 or Form 1040-SR since the EIPs are an advance payment of the RRC. The IRS urges taxpayers who didn’t receive a payment this year to review the eligibility criteria when they file their 2020 taxes many people, including recent college graduates, may be eligible to claim it. If additional legislation is enacted to provide for an additional amount, the Economic Impact Payments that have been issued will be topped up as quickly as possible.Įligible individuals who did not receive an Economic Impact Payment this year – either the first or the second payment – will be able to claim it when they file their 2020 taxes in 2021. For those in this category, the payments will conclude in January. ![]() For Social Security and other beneficiaries who received the first round of payments via Direct Express, they will receive this second payment the same way.Īnyone who received the first round of payments earlier this year but doesn’t receive a payment via direct deposit will generally receive a check or, in some instances, a debit card. The IRS reminds taxpayers that the payments are automatic, and they should not contact their financial institutions or the IRS with payment timing questions.Īs with the first round of payments under the CARES Act, most recipients will receive these payments by direct deposit. Some Americans may see the direct deposit payments as pending or as provisional payments in their accounts before the official payment date of Jan. ![]() The IRS emphasizes that there is no action required by eligible individuals to receive this second payment. Paper checks will begin to be mailed Wednesday, Dec. The initial direct deposit payments may begin arriving as early as Tuesday night for some and will continue into next week. BRYAN, Texas (KBTX) - On Tuesday, the Internal Revenue Service and the Treasury Department will begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments earlier this year. ![]()
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