The Internal Revenue Service has started rolling out the second round of stimulus checks worth $600 on Tuesday. Here’s what you need to know.
Direct deposit COVID stimulus payments have started rolling out as early as Tuesday night. With this, Treasury Secretary Steven Mnuchin has revealed that paper checks will also start rolling out on Wednesday, Dec. 30.
Paper checks will begin to be mailed tomorrow. Later this week, you can check the status of your payment at https://t.co/pFBzGzK8mD. (2/2)
— Steven Mnuchin (@stevenmnuchin1) December 29, 2020
While many Americans hoped and expected a $2,000 check to arrive, this may be an unlikely scenario.
On Tuesday, while Democrats in the Senate tried to set up a quick vote to increase the amount, the effort was ultimately blocked by Senate Majority Leader Mitch McConnell.
While an increase to $2,000 is unlikely at the moment, if the government does sign legislation that increases the worth of relief checks, the Department of Treasury said that they would dispatch additional payments immediately.
For now, here’s what you need to know about the current round of COVID-19 stimulus checks.
Who Can Receive Stimulus Checks?
Most American citizens are eligible to receive stimulus checks. Individuals will get the full $600 if they earn an adjusted gross income (AGI) less than $75,000. Meanwhile, couples who file taxes jointly can get $1,200 if their combined AGI is less than $150,000. The current round of checks also provides $600 for each dependent aged 16 and below.
Head-of-household filers can also get the full stimulus check amount, given that they have an AGI less than $112,500.
The worth of stimulus checks that a person may receive will decrease by $5 for every $100 they earn over the threshold.
Individuals who earn more than $87,000 or couples who earn more than $174,000 are not eligible to get the checks. Head-of-household filers who earn more than $124,500 are also not eligible. Non-US citizens, even those who file taxes, are also disqualified from getting stimulus.
Second Stimulus Round Timeline
The second round of COVID-19 relief checks is starting to roll out. Here’s the timeline for the second round of coronavirus stimulus thus far.
- Dec. 21, 2020 – Both the Senate and the House of Representatives passed the final version of the bill.
- Dec. 27, 2020 – President Donald Trump signs the bill. However, several days prior, on Dec. 24, he made a call for Congress to amend several things, including increasing the amount of the payments – from $600 to $2,000.
- Dec. 28, 2020 – The House conducted a swift vote to increase the worth of the checks from $600 to $2,000.
- Dec. 29, 2020 – The Senate tried to organize a vote to apply this amendment. However, it was ultimately blocked by Sen. McConnell.
- Dec. 29, 2020 – The first direct deposit payments rolled out.
- Dec. 30, 2020 – The first paper checks rolled out.
- Jan.15, 2021 – The IRS and US Treasury will need to stop sending out relief payments. This is the cutoff date stipulated in the $900-billion stimulus relief bill.
If an eligible person does not receive a stimulus check, that person can claim the missing payment through the Recovery Rebate Credit after they file their tax returns.