Joel A. Lee, director of the Virgin Islands Bureau of Internal Revenue, updates the status of the Second Economic Impact Payments for the public. The payments are commonly referred to as the stimulus checks. The second stimulus checks will be in the amount of $600 per taxpayer and $600 per dependent who are age 16 or younger.
“We anticipate payment of the second stimulus checks beginning the second week of February. We are finalizing the plan with our IRS counterparts and anticipate approval and funding, and system readiness by the end of this month,” said Director Lee.
Based on the COVID-related Tax Relief Act of 2020, the second stimulus check will be based on the 2019 income tax return. As such, the tax year 2018 information cannot be used to make the second stimulus payment.
For those taxpayers who have already filed their 2019 tax returns, there is nothing else that needs to be done. For those taxpayers who worked in 2019 and have not filed their 2019 tax return, they are urged to file the 2019 tax return as soon as possible. For those Social Security recipients who do not have a filing requirement, there is no need to file a return. The bureau will utilize the information, which was received from the IRS and used to determine the first stimulus payment, as the basis of the second stimulus payment to the Social Security recipients.
For those taxpayers who did not work in 2019 and do not normally have to file a return, they are being asked to file Form 1040 for 2019 and place $1 on the interest line. Due to the time constraints on paying the second stimulus checks, these non-filer taxpayers are required to file the returns no later than Feb. 15, 2021, in order to receive the second stimulus check as soon as possible.
For those taxpayers who did not get the first stimulus check, they are reminded they will be able to receive the payment on Form 1040 for 2020, which is due on April 15, 2021.
If there are any questions about the second stimulus check, call the Office of Chief Counsel at 340-715-1040, ext. 2249.