- Single adults with an income of $75,000 or less will receive $600.
- Married couples with no children earning less than $150,000 will receive $1,200.
- Parents will also receive $500 for each qualifying child under the age of 17.
- Taxpayers with income above these amounts will receive a reduced payment amounts.
Economic Impact “Stimulus” Payments FAQ - Second Round
The questions and answers provided have been updated to reflect the most up-to-date information available regarding the second round Economic Impact Payments. Click on the questions below to find answers to the most frequently asked questions about the Economic Impact Payments, commonly known as stimulus payments.
The IRS began issuing Economic Impact Payments Dec. 29, 2020 through direct deposit, paper check and prepaid debit card—Jan. 4 is the official date funds are available.
Paper checks also began going out and will continue to be sent through January. Some people will be mailed debit cards in January—mailed payments will require more processing and mailing time.
If you filed taxes in the last two years, you do not have to do anything. The IRS will send you payment based on the information they have on file—either through direct deposit or by mail. For those who receive their payment by mail, they will either be sent a paper check or a prepaid debit card. Learn more about the EIP debit card at eipcard.com.
Unlike the first round of EIP, resident aliens and those married to resident aliens are eligible to receive the EIP. Generally, U.S. citizens and resident aliens who are not eligible to be claimed as a dependent on someone else’s income tax return are eligible for this second payment.
If you did not receive the first or second Economic Impact Payment, or if it was less than expected, it can be claimed on your 2020 tax return as a Recovery Rebate Credit.
Wells Fargo locations throughout Colorado will cash economic impact “stimulus” payment checks for non-customers at their branches free of charge. Find a branch near you.
Looking to set up a bank account? BankOn Denver can connect you with safe and affordable banking options. Set up a bank account today to quickly receive your EIP if you haven’t already! Visit their website or call 720-766-7650 for more information.
Unfortunately, at this time, the IRS cannot change payment information, including bank account or mailing information.
No, these payments are not taxable.
If you missed the deadline to register online for the Economic Impact Payment, you may still be eligible to receive a payment. Learn more
Yes, free tax filing options are available! Learn more about in-person, online and remote drop-off tax preparation services starting at the end of January 2021.
The IRS will use the information on Form SSA-1099 and Form RRB-1099 to distribute payments to Social Security recipients who did not file a tax return in 2018 or 2019. Recipients will receive their EIP through the same method in which they receive their Social Security benefits. If you don’t normally receive these forms, you can use the web-based tool to submit direct deposit information.
According to the new law, Economic Impact Payments will not be held or “offset” for existing federal tax debts. However, if you are past due on child support payments, your check can be seized for child support arrears.
To be considered a qualifying dependent for the stimulus payment, a foster child must:
- Be under the age of 17
- Have lived with the taxpayer for over half of the year
- Not have provided more than half of their own support
Those excluded include the wealthy, “nonresident aliens” and “dependents” who have been claimed on someone else’s tax return will not receive an economic impact payment.
The IRS urges taxpayers to be on the lookout for calls and email phishing attempts about COVID-19. The IRS will not call, text or send messages via social media to request financial information or demand payment.