When are second stimulus checks coming? Now! On Tuesday, the IRS announced that it has already begun delivering second-round stimulus checks to millions of Americans who received a first-round payment earlier this year. In fact, initial direct deposit payments could arrive as early as Tuesday night for some people. Electronic payments will then continue into next week. Note, however, that you could see a direct deposit payment as pending or as a provisional payment in your accounts before the official payment date of January 4, 2021.
If you don't receive a direct deposit by early January, watch your mail for either a paper check or a debit card. The IRS will start mailing paper checks on Wednesday, December 30. To speed up delivery, a limited number of people will receive their second stimulus payment by debit card. But the form of payment for your second stimulus check may be different than your first payment. Some people who received a paper check last time might receive a debit card this time, and some people who received a debit card last time could receive a paper check.
If you receive a debit card, don't throw it out thinking it's junk mail! The debit cards will be issued by MetaBank, and they will arrive in a white envelope that prominently displays the U.S. Treasury Department's seal. The Visa name will be on the front of the card, and it will say "MetaBank" on the back. More information about these cards is available at EIPcard.com.
[Stay on top of all the new stimulus bill developments – Sign up for the Kiplinger Today E-Newsletter. It's FREE!]
Amount of Your Second Stimulus Check
Right now, your second stimulus check will be for $600, plus $600 for each child age 16 or younger. If your 2019 adjusted gross income is $75,000 or less for single filers and $150,000 or less for married couples filing joint returns, you'll generally receive the full amount of your second stimulus check. For Americans with income above those amounts, the payment amount is reduced.
However, there's a bill in Congress right now – the CASH Act – that would increase the amount to $2,000 for each eligible American, plus an extra $2,000 for each dependent. If the CASH Act is enacted, the IRS will send the additional amount as quickly as possible.
You will receive an IRS notice, or letter, after you receive a second stimulus payment telling you the amount of your payment. Keep the notice or letter for your tax records.
Automatic Second Stimulus Payments
Second stimulus check payments are automatic for eligible taxpayers who filed a 2019 tax return. In addition, people 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 will also receive a second stimulus check automatically. 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.
Payments are also automatic for anyone who successfully registered for a first-round stimulus check 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.
Tracking Your Second Stimulus Check
You will be able to check the status of both your first and second stimulus checks using the IRS's online "Get My Payment" tool. As of Tuesday evening, the tool was not active. However, it's being updated with new information, and the IRS says the tool will be available again shortly.
If You Don't Receive a Second Stimulus Check
Eligible Americans who don't receive a stimulus check this year – either the first or the second payment – will be able to claim it when they file their 2020 tax return (it will be due April 15, 2021). When you file your 2020 tax return, you may be able to claim a "recovery rebate" tax credit for stimulus check amount you should have received. (The IRS is expected to start accepting 2020 tax returns in late January or early February.)
For more information about the $600 second stimulus checks, check out Your Second Stimulus Check: How Much? When? And Other FAQs.
"payment" - Google News
December 30, 2020 at 08:49AM
https://ift.tt/3nUyUdo
When Will Your Second Stimulus Check Arrive? It May Already Be On Its Way - Kiplinger's Personal Finance
"payment" - Google News
https://ift.tt/3bV4HFe
https://ift.tt/2VYfp89
Bagikan Berita Ini
0 Response to "When Will Your Second Stimulus Check Arrive? It May Already Be On Its Way - Kiplinger's Personal Finance"
Post a Comment