Yesterday the IRS began depositing the second round of Economic Impact Payments (EIP) to qualifying individuals. Although they should have begun making direct deposits as early as last night they indicated that direct deposits will continue to be processed into next week.
Paper checks will begin to be mailed today, December 30th.
Qualifying individuals can receive up to $600 each ($600 for a single filer and $1,200 for those who file married-filing-joint). This amount is half of the first round of EIP. However, this second round includes an additional $100 for qualifying children up to $600. Phaseout thresholds are unchanged.
For more information, see the IRS' News Release 2020-280 which has more details on these upcoming payments.
You can contact your accountant with questions and remember to follow us on LinkedIn to stay up to date on all of our posts.
Qualifying individuals can receive up to $600 each ($600 for a single filer and $1,200 for those who file married-filing-joint). This amount is half of the first round of EIP. However, this second round includes an additional $100 for qualifying children up to $600. Phaseout thresholds are unchanged.
For more information, see the IRS' News Release 2020-280 which has more details on these upcoming payments.
You can contact your accountant with questions and remember to follow us on LinkedIn to stay up to date on all of our posts.
