Many eligible persons have already received their stimulus checks authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The stimulus checks are officially called “Economic Impact Payment (EIP).”  You received the full amounts of both Economic Impact Payments if:

• Your first Economic Impact Payment was $1,200 ($2,400 if married filing jointly for 2020) plus $500 for each qualifying child you had in 2020; and,

• Your second Economic Impact Payment was $600 ($1,200 if married filing jointly for 2020) plus $600 for each qualifying child you had in 2020.

Those who do not have to file a tax return, “non-filers”, because their income is below the filing requirement may have registered with the IRS to receive their EIP or stimulus check. Non-filers include those with income below $24,400 or single with income below $12,200 and can't be claimed as a dependent by someone else.  This includes couples and individuals who are experiencing homelessness.

The registration tool is closed and will not be available for other payments including the second EIP. However, if you registered using the tool by November 21, 2020 or submitted your information by mail for the first EIP, the IRS will use that information to send you the second EIP, if you’re eligible.

I Missed the Registration Deadline and I’m Eligible for EIP.  How Do I Receive Payment?

The Economic Impact Payments were an advance payment on the Recovery Rebate Credit, a tax credit against your 2020 income tax. Generally, this credit will increase the amount of your tax refund or decrease the amount of the tax you owe.  You may be eligible to claim the credit by filing a 2020 1040 or 1040-SR.  The Recovery Rebate Credit is authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the COVID-related Tax Relief Act.

Your Recovery Rebate Credit amount will be phased out if your adjusted gross income for 2020 exceeds $150,000 if you are married filing a joint return or filing as a qualifying widow or widower, $112,500 if you are using the head of household filing status, or $75,000 if you are using any other filing status.

You should have received IRS Notice 1444 for the first Economic Impact Payment, and you should receive Notice 1444-B for the second Economic Impact Payment.  Use these notices to complete the applicable worksheets when preparing your 2020 tax return.