Stimulus payment questions answered
Have you checked your bank account? 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. 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 payments “that have been issued will be topped up as quickly as possible.” Meaning an additional payment with the difference would be added.
How much will the 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 Securityact 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. The amount will decrease by $5 for every $100 of income above those thresholds.
How do I know I’ll get a check?
Treasury Secretary Steve Mnuchin tweeted Tuesday that you can check your payment’s status 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.
Will people receive a debit card?
Just like the first round of payments under the CARES Act, most Americans will receive theirs 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, make sure it has Visa on the front. The issuing bank is Metabank.
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.
Contributing: Jessica Menton and Christal Hayes, USA TODAY