Charlotte Amalie 𑁋The Virgin Islands Bureau of Internal Revenue has announced that residents in the U.S. Virgin Islands could start seeing stimulus checks as early as February. The Second Economic Impact Payments (EIP2), will be in the amount of $600 per taxpayer and $600 per dependent who are age 16 or younger.
Director of the IRB, Joel A. Lee said that the second round of stimulus checks will be based on residents’ 2019 income tax returns. Information for the 2018 tax year cannot be used to receive the second stimulus payment. For those taxpayers who have already filed their 2019 tax returns, there is nothing else that needs to be done.
“We anticipate payment of the second stimulus checks beginning the second week of February,” the Tuesday statement from the IRB reads. “We are finalizing the plan with our IRS counterparts, and anticipate approval and funding, and system readiness by the end of this month.”
Americans that pay federal taxes in the 50 states received direct deposits and stimulus checks directly from the U.S. Treasury last year. In 2020, the Treasury disbursed $84.7 million in funds for stimulus payments directly to the territory’s tax filing agency — the IRB. This created a significantly slower disbursement process when compared to states like Florida, California, and Illinois, who were not tasks with disbursing stimulus checks to their taxpayers.
For taxpayers who worked in 2019 and have not filed their 2019 tax return, the IRB is urging residents to file their 2019 tax return as soon as possible.
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.
Taxpayers who did not work in 2019 and do not normally have to file a return are asked to file Form 1040 for 2019 and place $1 on the interest line. Due to time constraints disbursing the second wave of stimulus checks, non-filer taxpayers are required to file Form 1040 for 2019 no later than February 15, 2021, in order to receive their second stimulus checks.
Taxpayers who did not get the first stimulus check are reminded that they will be able to receive the payment on Form 1040 for 2020, which is due on April 15, 2021. If you have any questions about the second stimulus check, please call the Office of Chief Counsel at (340) 715-1040, extension 2249.