Did you receive a $ 500 stimulus check from the IRS this week?
Here’s what you need to know – and that may not be what you think.
You may be surprised to find a $ 500 stimulus payment in your mailbox or bank account. No, this is not the second stimulus check that Congress has not yet approved. It is a part of first stimulus check and it relates to dependent payments. The first stimulus check, or Economic Impact Payment, was part of the Cares Act, which was the $ 2.2 trillion stimulus package passed by Congress in March. The IRS sent checks this week for dependent payments of up to $ 500 as part of the first stimulus check not previously paid to some Americans. The IRS sent checks in one of two ways from these dates:
Direct deposits: August 5, 2020
Paper check: August 7, 2020
Under the Care Act, if you have a qualified provider under the age of 17, you can receive up to $ 500 for each provider, provided you are eligible for an initial stimulus payment. To qualify for a check for up to $ 1,200 for individuals and $ 2,400 for married / joint branches, you needed a 2018 or 2019 adjusted gross income of up to $ 75,000 for individuals and $ 150,000 for married / joint files. If your income was less than $ 99,000 for individuals and $ 198,000 for married / joint files, you may have received a direct payment with a lower amount.
Who received this $ 500 check?
If you receive this check, it may have come as a surprise. The reason? You may not have been required to file a tax return and used the Non-Files tool on the IRS website to provide information about your dependent children aged 17 and under. According to IRS, if you entered this information before May 17, 2020, you’ll probably receive a check now. If you provided this information to the IRS after May 17, you have probably already received your dependent payment with your first stimulus check.
How do you get the dependent payment?
You may be wondering if you want to get a check in the mail or through direct deposit. It depends on how you received your first stimulus check. For example, if the first check was sent via direct deposit, you will receive the dependent payment directly to your bank account. Similarly, if you received a paper check, your dependent payment will also be delivered through a paper check.
Do I get a dependent payment?
If you are not sure if you are eligible for a dependent payment for the first stimulus check, there is a way to check it. You can use the Get My Payment tool on the IRS website, which can tell you the status of your dependent payments. Like the Non-File tool, the Get My Payment tool is free to use. Under the Care Act, dependent payments were only available to relatives 17 and younger, meaning that many high school students, college students, and adult relatives were not eligible for dependent payments.
Do I get a stimulus check?
You may be wondering: “When will I get another stimulus check?“If you received an initial stimulus check, including dependent payments, you may be wondering about a second round of stimulus payments. Which has been numerous proposals for a second round of controls, but Congress has not approved a stimulus check. Congress largely agrees on another round of stimulus payments, though four master plans for yet another stimulus check. Congress has in principle accepted $ 1,200 stimulus checks on the same terms as the Cares Act, although no decision is final before Congress passes legislation. However, Republicans and Democrats have not yet agreed on a stimulus package. That’s what President Donald Trump did sign notices to a reduction of the payroll tax, increased unemployment benefits, an eviction moratorium and repayments on student loans.
You get another stimulus check through Trump’s executive order? Trump supports another round of direct payments and has even said other stimulus checks can be more than $ 1,200. However, his executive orders include no control. This means that Congress can still pass legislation to send you direct payments. While Congress has not agreed to the dollar amount for dependent payments, Congress in principle agreed to waive the age limit, so dependent on any age – including high school students, University students and adult relatives – could qualify for dependent payments.