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 signed on December 27. But, since a lot of different amounts and restrictions were thrown around during the negotiations, there are still 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 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 to $2,000, 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 it sent 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. People who made more than $75,000 will get less. Children under 17 will get $600. So, the most a family of four could get is $2,400. The amount will be based on the income you claimed on your 2019 tax return.
Question: Will I have to pay taxes on it?¹
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.
To check your credit union account, CLICK HERE for online banking or view your account info in our mobile app.
¹We recommend consulting your tax advisor for tax benefits.
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