Economic Impact Payments Are Now in Process
2021 Economic Impact Payment Status Available
January 25, 2021 The IRS will reissue 5.2 million Economic Impact Payments beginning this week; 2.8 million of those payments will be distributed by ACH Direct Deposit and the remaining sent by check. Prior payments sent in error by the IRS to accounts at tax preparers, have prompted the reissuance of these payments as they were subsequently returned at the specific instruction of the IRS. The ACH files will be sent in two batches with likely effective dates of Jan. 29 and Feb. 3.
Additionally, the IRS Get My Payment portal will be update to reflect these reissued payments and is slated to be available on Jan. 29.
Once these payments are complete, no additional EIPs will be sent in this round. Instead, the Recovery Rebate claimed on a 2020 tax return will be the only option.
January 15, 2021 IRS warning on COVID_19 scams as second round of Economic Impact Payments are delivered. Click Here.
January 10, 2021 UPDATE: The IRS has announced that it has changed its position, and will reissue some Economic Impact Payments that had been mistakenly sent to tax preparers and returned by those tax preparers to the IRS per IRS instruction.
The Coronavirus Response and Relief Supplemental Appropriations Act of December 27, 2020, authorizes additional EIP payments to be made by the IRS. IRS and U.S. Treasury have confirmed 113 million EIPs by ACH are being processed with an effective date of Monday, January 4, 2021.
Will I receive a second stimulus check?
The maximum amount for this second round of stimulus checks is $600 for any eligible individual or $1,200 per eligible couple who file taxes jointly. For a family of four, that would include $600 for each eligible dependent, or $2,400 in total. Individuals who reported adjusted gross income (AGI) of $75,000 or less on their 2019 tax returns will receive the full $600 ($150,000 or less AGI for couples filing jointly; $112,500 or less for heads of household). For people who earned more than those amounts, the size of the check will gradually decrease by $5 for every $100 earned over that threshold. For complete information you may visit https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments.
When and How will I get my second stimulus payment?
We anticipate this round of stimulus payments will follow the same process as the first round. In the first round, the IRS first sent payments electronically to taxpayers for whom they had current bank account information on file. Most of the remaining unsent payments were delivered in the form of checks through the U.S. Mail. Taxpayers in select areas received prepaid debit cards instead.
Can you notify me if I receive another electronic stimulus payment?
To be notified, log into Bank-by-Net online banking at citizensbank24.com to set up Alerts. Under the Options Tab choose Personal - verify your email address along with your personal mobile phone number and provider. Then Under the Options Tab choose Alerts, then Events and check the appropriate box to choose notification method of text, email, and/or login next to “Receiving Incoming ACH Credit”.
Bank-by-Phone service also provides you 24/7 access to your account. Toll Free (877) 543-8745