When will you get a second stimulus check? – Community News
Stimulus Check

When will you get a second stimulus check?

A second round of stimulus payments was included in a coronavirus relief package signed by President Donald Trump on Sunday evening.
The deal provides for checks for $600, but experts say it will take at least two weeks for the Treasury to deposit funds into individuals’ bank accounts after the legislation is signed. A government official told CNN officials expect the individual checks to be issued this week, but acknowledged the timing could shift.

“The timing could be more challenging this time around, but the IRS could probably start disbursing the money in January,” said Howard Gleckman, a senior fellow at the Urban-Brookings Tax Policy Center.

In March, Congress provided individuals with $1,200 direct payments and couples with $2,400 plus $500 per child under the $2 trillion CARES Act.

As with that first round, the new payments will gradually phase out for individuals with adjusted gross incomes over $75,000, and those earning over $99,000 will receive nothing. For couples, the income thresholds are doubled.

It took two weeks after the first bill was passed for the IRS to start distributing the money — but some eligible recipients still haven’t received it months later.

Who will get the money the fastest

The payments do not all go out at once. Those whose bank details are Those registered with the IRS are likely to get the money first because it’s deposited directly into their account. Others receive paper checks or prepaid debit cards in the mail.

About 90 million people — more than half of those eligible — received their payments within the first three weeks of April after the March deal was signed. Most people had their money within two months.
Still, about 12 million eligible Americans risked not getting the money at all because the IRS couldn’t reach them. While most people received the money automatically, very low-income earners who don’t normally file tax returns had to register online before Nov. 21 to provide their address or bank account number.

Tax authorities under pressure

Additional checks may be delayed the start of the 2020 tax return season.

A second stimulus check will require the agency to make changes to the declaration forms, some of which have already been sent to the printers.

December is not an ideal time to increase the workload of the IRS. It is usually the month when work is done to prepare for the upcoming filing season and there may be more staff on leave than usual due to the holidays.

“I believe the IRS will deliver the stimulus checks in a timely manner. It may well come at the cost of filing season start date,” said Chad Hooper, the executive director of the Professional Managers Association, which advocates for more than 30,000 nonprofits . – IRS workers’ union.

This story has been updated to include details of the Covid-19 Relief and State Financing Act signed by President Trump on Sunday.

Kevin Liptak of CNN contributed to this report.