As millions of direct deposits, paper checks and debit cards are being issued to individuals, the IRS published frequently asked questions (FAQs) on IRS.gov. The second round of Economic Impact Payments will distribute $600 to individuals or $1,200 to married couples. There also will be an additional $600 per qualifying child. The stimulus payments are phased out for individuals with incomes over $75,000 and married couples with incomes over $150,000.
The FAQs are very helpful because they answer common questions that millions of Americans have about the second round of stimulus payments.
1. Do you receive a letter or notice? Yes, the IRS will send a letter or notice to each recipient. Your Notice 1444–B should be retained with your tax records.
2. Will "Get My Payment" be available? Yes, the IRS will soon launch a new version of Get My Payment. You will be able to check the date of your payment and the method. Mailed payments will take more time.
3. What is the Recovery Rebate Credit? When you file your 2020 tax return, you may need to use the Recovery Rebate...More