Economic Impact Payments (EIP2)
Today is the official electronic payment start date for the second round of Economic Impact Payments to individuals and families from the IRS. Checks were mailed out starting last week and should be in customers hands soon for those not receiving electronic payments.
Households will get $600 per adult and $600 per child. That means a single parent with two children will get $1800. The payments start phasing out when individual adjusted gross income exceeds $75,000, when head-of-household income exceeds $112,500 and when income for married couples filing jointly exceeds $150,000. For individuals without children, the payments go to zero when income reaches $87,000, that is $174,000 for married couples. The numbers are generally based on 2019 income.
Eligible individuals who don't receive a check or direct deposit by January 15, 2021, will have to request a $600 refund when filing 2020 tax returns. Lower-income workers who wouldn't otherwise need to file tax returns could possibly miss out on a check if they don't make the filing.
Visit Get My Payment Portal, to find out more information about your payment.