Second Stimulus Payment 

  • The IRS will reissue payments for taxpayers who did not receive the second Economic Impact Payment in instances where the bank account identified has been closed.
  • The payments will be sent later this month - taxpayers should receive at the end of January or first few days in February.
  • This impacts taxpayers whose tax preparation providers followed initial IRS guidance and are now waiting for the IRS to re-process payments related to these accounts.
  • Payments will be issued directly from the government later this month (software companies and their bank partners are not in possession of these funds).

Stimulus 1 - sent out around April 2020.

$1200 per individual

$500 per child

Stimulus 2 - sent out around January 2021.

$600 per individual

$600 per child

If you did not receive a stimulus payment, or did not receive the full amount you can now claim that on your 2020 taxes and receive the additional stimulus payments as a refundable credit (if eligible).

Stimulus money is NOT taxable.  You do not need to claim this money on your taxes as income.  It is reportable only to try determine if you are eligible to receive additional stimulus if you did not receive the full amounts previously.