Now that President Donald Trump has signed the $ 900 billion bill on coronavirus reliefmany Americans can expect to receive one second stimulus check in the coming weeks a welcome development for households across the country that could not afford to celebrate this holiday season.
From last week were direct deposits from the IRS is expected to hit bank accounts by 31 Decemberwith paper checks and debit cards sent out to all eligible households by January 15th. But with the president’s delay in signing the bill, payments may take a little longer to arrive.
That said, it is possible that direct deposits may still begin to be deposited below the same timeline, “as soon as this week,” according to a rep. Don Beyer, D-Va., As the Treasury Department was already preparing to make the payments on the assumption that the bill would be signed last week.
The Ministry of Finance did not immediately return a request for comment, but one said an official to CNBC that the timeline is expected to be the same.
Most households are expected to receive the payment faster than they received the first stimulus check because the IRS now has most eligible individuals’ bank account information or home address registered.
Those with their direct deposit information on file with the IRS are first in line to receive a payment. If the agency does not have your direct deposit information, it will send you a paper check or send a prepaid debit card to the address it has registered for you. This will take longer, although payments are expected to begin over the next few weeks.
If you receive the wrong amount, or are one of the as many as 9 million people are still waiting for the first checkupthen you can claim a recovery rebate credit on your 2020 tax return.
This time, the checks will be worth it $ 600 for individuals and each breadwinner under 17 required for the tax year 2019 (although Parliament is expected to vote on a bill to bring the payment to $ 2,000 for eligible beneficiaries). Taxpayers who earned under $ 75,000 and married couples who earned under $ 150,000 in 2019 will be eligible for the full amount.
Above that income level, the checks fall in value and are phased out completely at $ 87,000 for individuals and $ 174,000 for couples.
Here are some other useful links about the stimulus check: