THE $600 stimulus checks are already on their way to Americans, US officials say.
Treasury Secretary Steve Mnuchin confirmed on Tuesday that direct deposits could appear in some bank accounts by December 29 and checks would mailed out the following day.
Steve Mnuchin and the IRS confirmed payments were being sent out already
Mnuchin said direct deposits could appear as soon as December 29 Credit: Alamy Live News
He revealed that the US Treasury had delivered a payment file to the Board of Governors of the Federal Reserve System.
“Treasury and the IRS are working with unprecedented speed to issue a second round of Economic Impact Payments to eligible Americans and their families,” Mnuchin said in press release.
“These payments are an integral part of our commitment to providing vital additional economic relief to the American people during this unprecedented time.”
Electronic deposits will continue into next week but some people could receive a pending or provisional payment before the official roll out date of January 4, 2021.
The IRS will start mailing paper checks on Wednesday, December 30, and a limited number of people will get the coronavirus relief payment via debit card.
The Treasury secretary issued this statement on TwitterCredit: Twitter
But the way in which people receive the money may be different for their second stimulus check, according to Kiplinger, which specializes business forecasts and personal finance advice.
Americans who got a paper check last time may get a debit card this time and vice versa.
The MetaBank debit cards will be in a white envelope with the US Treasury Department seal and the Visa name will be on the front of the card, with “MetaBank” on the back.
The US government will be rolling out the $600 for adults and kids aged 16 or younger.
People who had a adjusted gross income of $75,000 or less for single filers and $150,000 or less for married couples filing joint returns in 2019 will get this amount.
But the Cash bill may up the amount to $2,000 if it passesCredit: Getty Images – Getty
The payment will be reduced for anyone who earned more than this.
The checks are phased out for individuals that earned $87,000 and couples that made $174,000 last year, however.
If it passes, this would involve Economic Impact Payments that have already been issued being “topped up as quickly as possible,” the IRS said.
As a result, Kiplinger advised people to keep any notices or letters from the IRS after they get their payment for tax record purposes.
The checks are phased out for individuals that earned $87,000 and couples that made $174,000 in 2019Credit: Getty Images – Getty
Eligible taxpayers who filed a 2019 tax return will automatically receive a payment.
It’s also automatic for people who get Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits, Supplemental Security Income (SSI) and Veterans Affairs beneficiaries who didn’t file a tax return.
Social Security and other beneficiaries who got the first round of payments by Direct Express will pocket the stimulus payment the same way.
Anyone who registered for a first-round stimulus check online by November 21, 2020, or submitted a simplified tax return that has been processed by the IRS will also get their payment automatically.
Americans can use the IRS’ “Get My Payment” tool to check the status of their payment.
Anyone who doesn’t get a check this year can claim a “recovery rebate” tax credit when filing their 2020 tax return which is due on April 15, 2021.