Late Tuesday night, the Treasury Department and IRS began delivering a second round of economic impact payments to millions of Americans as part of the latest federal pandemic relief package.
The IRS said in a news release that some initial direct deposits began overnight and will continue into next week. Paper checks will begin to be mailed today, Dec. 30.
“Treasury and the IRS are working with unprecedented speed to issue a second round of Economic Impact Payments to eligible Americans and their families,” said Secretary Steven T. Mnuchin in a statement. “These payments are an integral part of our commitment to providing vital additional economic relief to the American people during this unprecedented time.”
Eligible individuals will receive a payment of up to $600 for individuals or $1,200 for married couples and up to $600 for each qualifying child. Generally, if you have adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the second payment. For filers with income above those amounts, the payment amount is reduced.
The second round of payments will be distributed automatically, with no action required for eligible individuals.
If additional legislation is enacted to provide for an increased amount, economic impact payments that have been issued will be topped up as quickly as possible, the IRS said.