President Donald Trump signed a bill into law that included $600 stimulus payments to Americans as part of COVID-19 aid.
On Tuesday, the Treasury Department indicated that the payments would come soon. Since, many viewers and readers have asked about the exact timeline for the money.
Some people have mentioned they’ve already received the payments, while others haven’t yet and are worried they may be waiting for a while.
The payments of $600 will go to individuals making up to $75,000 per year; $1,200 for couples making up to $150,000 per year — with payments phased out for higher incomes — and $600 additional payments per dependent child.
Based on comments from Treasury Secretary Steven Mnuchin, most people won’t have to wait long.
How long should I expect to wait to receive my stimulus payment?
If the Treasury Department has a person's bank information on file, they should expect a direct deposit in the next week or two. Physical checks are mailing out on Wednesday, Dec. 30.
People who were ineligible to receive a payment based on 2019 taxes but will be eligible when they file their 2020 taxes will have to wait until their tax return is processed before they see the money.
WHAT WE FOUND
Mnuchin posted on Twitter Tuesday to update Americans on the expected timeline of the economic impact payments.
“These payments may begin to arrive in some accounts by direct deposit as early as tonight and will continue into next week,” he said.
So yes, some people did receive payments as early as Tuesday night, but not everyone did. However, that doesn’t mean those people will have to wait for very long. Most should still expect to get their payments this week or next.
A press release from the Treasury Department on Tuesday reiterated that timeline, and it included an update for people whose bank accounts may not be on file with the Treasury.
“Paper checks will begin to be mailed tomorrow, Wednesday, December 30,” the IRS and Treasury Department said.
Once the checks are in the mail, the speed at which someone receives one is in the hands of the Postal Service.
While the IRS’s Get My Payment portal is temporarily offline, the webpage for it does explain that those who missed the deadline to register for the first payment, or those who might be ineligible for the second payment based on 2019 taxes, can still get their payment in the form of a Recovery Rebate Credit when they file their 2020 taxes in 2021.
The IRS explains that this Recovery Rebate Credit will generally increase the amount of tax refund someone will receive or decrease the amount of taxes they owe. This could also be the difference between someone owing taxes and receiving a refund if what they owe is small enough.
That means that if someone gets a second payment in the form of a Recovery Rebate Credit, they could receive a $300 refund after filing their taxes instead of owing $300. Alternatively, a person could receive a $1,600 refund instead of a $1,000 refund or they could owe $400 instead of owing $1,000.
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