Have you checked your bank account yet? Your economic impact payment may already be there.
Americans who have direct deposit set up through the Internal Revenue Service could have received their payment as early as Tuesday night. Paper checks are to start going out Wednesday, according to the Treasury Department.
And if you were wondering where things stand on the payments being bumped up to $2,000, it seems unlikely.
After blocking quick passage of a measure that would increase the payments, Senate Majority Leader Mitch McConnell introduced a bill Tuesday that includes demands by President Donald Trump – on contentious issues that Democrats are not likely to support and, thus, would kill any chances of increasing aid payments.
If the government does sign into law an additional boost, the Treasury said the payments “that have been issued will be topped up as quickly as possible.” Meaning an additional payment with the difference would be dispatched.
How much will my stimulus check be?
The new round of stimulus includes $600 direct payment to individual Americans who earned up to $75,000 in 2019, or $1,200 for couples filing jointly who made up to $150,000. That is less than the payments of $1,200 for individuals and $2,400 for couples approved in the Coronavirus Aid, Relief and Economic Security (CARES) Act in March.
This current round provides $600 per child, up from $500 in the spring.
The size of the benefit would be reduced for those earning more than $75,000, or $150,000 per married couple, similar to the last round of stimulus money. The amount will decrease by $5 for every $100 of income above those thresholds, phasing out entirely at $87,000 for individuals and $174,000 for couples.
There is no cap on the number of children a household can claim, so, for instance, a family with two adults and two children could receive up to $2,400.
How do I know if I’m getting a check? Where can I check the status?
Treasury Secretary Steve Mnuchin tweeted Tuesday that you can check your payment’s status later this week at http://IRS.gov/GetMyPayment.
However, not everyone qualifies for the payment. Notably, many students don’t qualify. Neither do immigrants who don’t have a Social Security number. Some elderly and disabled people won’t get a check either, along with high-wage earners. USA TODAY reporter Jessica Menton goes over who qualifies and who isn’t getting stimulus money.
Will people receive a paper check or a debit card?
Just like the first round of payments under the CARES Act, most Americans will receive their payments via direct deposit. For Social Security and other beneficiaries who received the first round of payments via Direct Express, they will receive this second payment the same way.
Anyone who got the first round of payments this year but doesn’t use direct deposit will generally receive a check or, in some instances, a debit card.
If you do receive a debit card in the mail, make sure it has the Visa name on the front, and the issuing bank is MetaBank on the back of the card.
What if I never got a payment?
Eligible individuals who did not receive an Economic Impact Payment this year – either the first or the second payment – will be able to claim it when they file their 2020 taxes in 2021.
Can I set up direct deposit now?
The deadline to register online for direct deposit in 2020 already passed and the tool is closed.
Contributing: Jessica Menton and Christal Hayes, USA TODAY
Source Article from https://www.usatoday.com/story/money/2020/12/30/second-stimulus-check-payment-money/4084813001/
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