The second round of stimulus checks are on their way, thanks to the signing of the COVID RELATED TAX RELIEF ACT OF 2020 that was just recently signed on 12/27/2020. Since many different amounts and restrictions were thrown around during the negotiations, most people probably have a lot of questions about these new stimulus checks. At the top of the list: How much will I get? And when will I get it?
Here’s a few answers to the questions you may have:
Question: When will I get my second stimulus check?
Answer: Soon! The IRS has already started sending out $600 payments. If the amount is later raised – anyone who has already received a $600 second stimulus check will be sent another payment as quickly as possible for the additional amount they are owed.
If the IRS already has your bank account information—either from a recent tax payment that you made or from a tax refund sent to you, then expect to get your second stimulus check faster. That’s because the IRS will be able to directly deposit the payment into your bank account. The IRS can also make a second stimulus payment to a Direct Express debit card account, a U.S. Debit Card account, or other Treasury-sponsored account. Otherwise, you’ll get a paper check in the mail.
Question: How much money will I get?
Answer: Right now, you’ll get $600. Those who made more than $75,000 will get less. A married couple making up to $150,000 will receive $1,200. Children under 17 will get $600. Therefore, the most a family of four could get is $2,400. The amount will be based on the income you claimed on your 2019 federal tax return. $300 in additional unemployment benefits will be made to jobless workers, to expire on 3/14/2021.
Question: Will I have to pay taxes on it?
Answer: No. There are no strings attached and you will not have to pay taxes on this second stimulus payment.
If you’re wondering when you can expect your stimulus funds, please click here. This will take you directly to the IRS website where you can check your payment status.