Everyone who is eligible for a stimulus check but has yet to receive it is probably wondering when that’s going to happen.
President Donald Trump’s push for $2,000 checks stalled in the Senate over recent weeks but Americans will still see $600 checks based on their income level and tax filing status, which includes extra money for dependents under the age of 17.
The Internal Revenue Service website says payments will be automatic for eligible taxpayers who filed a tax return in 2019, 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.
The IRS has a tool that allows Americans to check the status of their second stimulus payment. It can be found here.
Checks started hitting bank accounts as early as last Tuesday and still continue to be sent out via direct deposit. Treasury Secretary Steven Mnuchin said paper checks would start being mailed on Dec. 30.
The relief checks are part of an almost $1 trillion COVID-19 economic relief package which includes a second round of stimulus payments and provides financial assistance to people who are unemployed, in addition to businesses, schools, and more that have been affected by the coronavirus pandemic.
So how much are you expected to receive?
The IRS notes that individuals who are eligible to receive the second round of stimulus payments should expect “up to $600 for individuals or $1,200 for married couples and up to $600 for each qualifying child.”
According to the current guidelines, you can expect the full amount of the stimulus relief check if your adjusted gross income for 2019 is up to $75,000 for an individual or $150,000 for married couples, and $600 additional for each qualifying child.
Dependents who are 17 and older are not eligible for the child payment.
IRS Commissioner Chuck Rettig said last week that the IRS is “working swiftly to distribute this second round of payments as quickly as possible. This work continues throughout the holidays and into the new year as we prepare for the upcoming filing season.”
If you never received the first economic impact payment, there are answers to frequently asked questions on the IRS website here.
You could be eligible to receive a Recovery Rebate Credit on your 2020 taxes if you did not receive the full amount of the economic stimulus payments.