OnLine Taxes Stimulus COVID-19 Response

Online Taxes Coronovirus updates

Coronovirus Update



Coronavirus Update Center for OLT
Second Stimulus Payment
Recovery Rebate Credit (Stimulus)

Important Stimulus Payment Update (January 7, 2021):

  • Due to an IRS error, some stimulus payments were not deposited as expected. We have been in communication with our banking partners who are working tirelessly in conjunction with the IRS to resolve the issue that has delayed these payments.

    We are anticipating that most delayed payments will be deposited in the next few days.

    This will not affect taxpayers that are expecting to get their stimulus payment through the mail.

    If the bank account information that you provided the IRS earlier in the year is now closed, the direct deposit of your second stimulus payment will be rejected and you should take the Recovery Rebate Credit on your 2020 tax return.

Second Stimulus Payment
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  • How much Second Stimulus Payment will I receive?
    Filing Status AGI Amount Second Economic Impact Payment
      Single   $75,000 or less   $600
      Married Filing Joint   $150,000 or less   $1,200
      Head of household   $112,500 or less   $600
      For each dependent under 17 it will be an additional $600.00
    • For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the AGI thresholds.
  • How will I get Stimulus Payment #2 status?
    Click Here to get your Stimulus Payment #2 status.
  • Can I update my information with the IRS?
    The IRS Get My Payment tool is not currently accepting any updates.
  • When will I get paid?
    The IRS has announced that the first payments will be available on January 4th. Checks and debit cards will continue to be sent through the end of January.
  • Who is eligible for the Second Economic Impact Payment?
    The same eligibility rules apply to the second stimulus payment as the first one. You must have a valid Social Security number, and you can't have been claimed as a dependent on someone else's 2019 tax return.
  • How will I get the Second Economic Impact Payment?
    There is nothing you need to do, if you already filed a 2019 tax return.

    Payments are automatic for eligible taxpayers who filed a 2019 tax return, those who receive Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits as well as Supplemental Security Income (SSI) and Veterans Affairs beneficiaries who didn't file a tax return. Payments are also automatic for anyone who successfully registered for the first payment online at IRS.gov using the agency's Non-Filers tool by November 21, 2020 or who submitted a simplified tax return that has been processed by the IRS.
  • How will I get my second stimulus payment if I didn't file a tax return and didn't register with the IRS.gov non-filers tool?
    If you meet the eligibility requirement, then you can receive your payment. While you won't receive an automatic payment now, you can still claim the equivalent Recovery Rebate Credit when you file your 2020 federal income tax return.
Recovery Rebate Credit (Stimulus) Top
  • How much Recovery Rebate Credit will I receive?
    If you are eligible and did not previously receive the full amount of the economic impact payment, you can claim the Recovery Rebate Credit on your 2020 Form 1040 or 1040-SR. The instructions for the Form 1040 and 1040-SR will include a worksheet you can use to figure the amount of any credit for which you are eligible.
    You may be able to claim the Recovery Rebate Credit if:
    • You are eligible but were not issued an Economic Impact Payment, or
    • Your Economic Impact Payment was less than $1,200 ($2,400 if married filing a joint return) plus $500 for each qualifying child you had in 2020.
    • You meet the filing status qualifications and if you have dependents under the age of 17.
    Filing Status AGI Amount Economic Impact Payment
      Single   $75,000 or less   $1,200
      Married Filing Joint   $150,000 or less   $2,400
      Head of household   $112,500 or less   $1,200
      For each dependent under 17 it will be an additional $500.00

  • How do I find the payment amount I received in 2020?
    Refer to your Notice 1444 for the payment amount you were issued, before any offsets, in 2020. This was sent in the mail to each taxpayer who received an economic impact payment at the time the payment was received.
  • How will I get the Recovery Rebate Credit?
    The Recovery Rebate Credit will be calculated into your 2020 tax return. This credit will increase the amount of your tax refund or lower the amount of the tax you owe.
  • Do I have to pay taxes on my economic impact payment?
    No, the economic impact payment is not taxable.
  • How do I claim my charitable contribution without itemizing?
    Typically, you don't see reference to charitable contributions until Schedule A. However, due to the CARES Act, charitable cash contributions of up to $300 are temporarily above-the-line deductions, claimed directly on Form 1040, line 10b. That means that you do not have to itemize to claim those deductions. The contribution still is subject to the same restrictions and rules for qualification for Schedule A contributions.
  • Will I get credit for sick leave or family leave?
    Self-employed individuals should use Form 7202 to figure the amount to claim for qualified sick and family leave equivalent credits under the FFCRA on their 2020 tax return. These credits are available to eligible self-employed individuals if they were unable to work or telework or had to care for family members for reasons related to the coronavirus and are refundable.
  • Coronavirus tax relief for certain individuals
    The Coronavirus Aid, Relief, and Economic Security (CARES) Act permits certain individuals who file Schedule SE or Schedule H to defer the payment of 50% of the social security tax imposed for the period beginning on March 27, 2020, and ending December 31, 2020.
    If you were affected by the coronavirus, and you file Schedule H or Schedule SE, some of the household employment taxes or self-employment taxes you owe may be deferred on your 2020 tax return and be paid later instead.
We will continuously update this page as we get more information. Thank You for your patience. You can also monitor the information the IRS is providing at https://www.irs.gov/coronovirus.

Do Please be aware of Scams
  • The government will not ask you to pay anything up front to get this stimulus money. No fees. No charges. No Nothing.
  • The government will not will not call to ask your Social Security Number, Bank account, or credit card number. Anyone who asks is a scammer.