Ana Echeverri • February 17, 2021
Second Round of Economic Impact Payments Issued

The IRS announced today that, February 17 2021, as required by law, all legally permitted first and second round of Economic Impact Payments have been issued and the IRS now turns its full attention to the 2021 filing season.


Beginning in April 2020, the IRS and Treasury Department began delivering the first round of Economic Impact Payments within two weeks of the legislation.   The IRS issued more than 160 million EIPs to taxpayers across the country totaling over $270 billion, while simultaneously managing an extended filing season.   In addition, since Congress enacted the COVID-related Tax Relief Act of 2020, the IRS has delivered more than 147 million EIPs in the second-round totaling over $142 billion.

IRS And Treasury Department

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The legislation required that the second round of payments be issued by Jan. 15, 2021.  While some second round Economic Impact Payments may still be in the mail, the IRS has issued all first and second Economic Impact Payments it is legally permitted to issue, based on information on file for eligible people.


Get My Payment was last updated on Jan. 29, 2021, to reflect the final payments and will not update again for first or second Economic Impact Payments.


Most people who are eligible for the Recovery Rebate Credit have already received it, in advance, in these two rounds of Economic Impact Payments.   If individuals didn't receive a payment – or if they didn’t receive the full amounts – they may be eligible to claim the Recovery Rebate Credit and must file a 2020 tax return. 


Eligibility for and the amount of the Recovery Rebate Credit are based on 2020 tax year information while the Economic Impact Payments were based on 2019 tax year information.   For the first Economic Impact Payment, a 2018 return may have been used if the 2019 was not filed or processed.

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Individuals will need to know the amounts of any Economic Impact Payments they received to claim the Recovery Rebate Credit.   Those who don’t have their Economic Impact Payment notices can view the amounts of their first and second Economic Impact Payments through their individual online account.   For married filing joint individuals, each spouse will need to log into their own account.


To avoid refund delays, the IRS urges people to file a complete and accurate tax return.   Filing electronically allows tax software to figure credits and deductions, including the Recovery Rebate Credit.   The Recovery Rebate Credit Worksheet on Form 1040 and Form 1040-SR instructions can also help.


Anyone with an income of $72,000 or less, including those who don’t have a tax return filing requirement, can file their federal tax return electronically for free through the IRS Free File Program.   The fastest way to get a tax refund is to file electronically and have it direct deposited - contactless and free - into the individual’s financial account.


Bank accounts, many prepaid debit cards, and several mobile apps can be used for direct deposit when you provide a routing and account number.

Don't hesitate to call us for a FREE consultation!


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Are you ready to maximize your tax refund this year? 🏦💰 It’s time to get money-savvy and make the most of tax season! Here are some tips to help you claim every dollar you’re entitled to: . 1. Organize Your Documents Early Keep track of receipts, tax forms (W-2, 1099, etc.), and deductions throughout the year. A little preparation goes a long way in reducing stress and uncovering savings. . 2. Maximize Your Deductions Did you know that job-related expenses, medical bills, and charitable donations might qualify as deductions? Itemizing could unlock hidden savings that the standard deduction might overlook. . 3. Don’t Forget About Tax Credits Credits like the Earned Income Tax Credit (EITC), Child Tax Credit, and education-related credits (like the American Opportunity Credit) can significantly increase your refund. These credits often provide dollar-for-dollar savings. . 4. Contribute to Your Retirement Account Contributions to an IRA or 401(k) not only secure your future but also offer immediate tax benefits. Plus, some contributions might be deductible even after December 31! . 5. File Early Filing early reduces the chance of tax fraud and helps you receive your refund faster. Don’t procrastinate; the IRS starts processing returns in January. . 6. Double-Check Everything Simple mistakes like incorrect Social Security numbers or missed signatures can delay your refund. Review your return carefully before submitting it. . Remember, every dollar counts! A little effort now can lead to a bigger refund later. . Stay smart with your taxes! Reach out to us today and experience the difference of working with seasoned professionals! . Office #: (407) 601-3157 Off. hours: Monday through Friday, from 9 A.M. to 5 P.M. Email address: Ana@AnaEcheverriAssociates.com . Website: https://www.anaecheverriassociates.com/ . >>> [HABLAMOS ESPAÑOL] <<< . #OrganizeYourTaxes #SafeTaxDocuments #TaxSeason2023 #EarlyTaxFiling #TaxRefundSeason #FinancialPlanning #TaxPreparation #IncomeTaxTips #EstimatedTax #SmallBusiness #TaxTips #SmallBusiness #TaxDeductions

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