The second round of the Economic Impact Payments will be sent to eligible taxpayers. If you were eligible for the first EIP in early 2020, you will receive the second stimulus check direct deposited to your bank account.
The Internal Revenue Service issued the statement earlier at the end of the year. The same as the previous stimulus payments, the eligibility requirements are the same but the payment is going to be $600 per adult and $600 per qualifying child. For the second round of stimulus payments, dependents who are 17 and over aren’t eligible for the child payment, thus, the child must qualify for the child tax credit 2021.
The Economic Impact Payments by ACH will be identified with a company name of IRS TREAS 310 and a company entry description with xxtaxeip2. You will see these descriptions when you get your stimulus payment.
How will I get my second EIP?
The second Economic Impact Payments will be sent via direct deposit to your bank account or by mail. There will be a mixed batch of checks and debit cards for the EIP2.
If you received your first Economic Impact Payment as a paper check, you may receive a debit card this time and vice versa. This comes down to how the payments are at the time. So regardless of how you got your first stimulus payment, this time might be different.
Track Stimulus Payment Status
If everything is correct as far as your eligibility for the second Economic Impact Payment concerned which is the same as the first ones, you can track the status of it. Similar to how you would track a tax refund, you can track your second EIP through the IRS Where’s My Stimulus, known as the Get My Payment.
Since most people are going to get their stimulus payments direct deposited to their bank accounts, if you don’t receive it by early-January 2021, watch your mail or contact the IRS to update your bank information. If the check or debit card hasn’t sent, you may get direct deposited once the bank information is updated with the IRS.
If you live in a different address than the address registered with the IRS, update your address as soon as possible using 2021 Form 8822.