After President Donald Trump signed the $ 900 billion coronavirus relief package approved by Congress, the Internal Revenue Service (IRS) and the Treasury Department began issuing the second round of stimulus checks.
The payments are usually $ 600 for singles who have earned less than $ 75,000, and $ 1200 for married couples who jointly file taxes and earn less than $ 150,000. Those who earn more will be reduced.
People with qualifying children will also receive $ 600 for each child. However, dependents over the age of 17 are not eligible for the additional payment.
Treasury Secretary Steven Mnuchin said Tuesday that direct deposits for every eligible man, woman and child have begun. He also stated that paper checks will be posted from December 30th.
In the $ 900 billion stimulus bill, Congress set a January 15 cut-off date for the IRS to send stimulus payments, leaving just 17 days to process more than 100 million payments since the first payment was released on December 29.
Despite sending out direct deposit payments, the IRS said according to CNET that the payments could be marked as “pending” or “provisional” until January 4.
If the IRS does not have your current direct deposit information on file, you will receive a check by mail, which may take longer to carry in your pocket compared to direct deposit.
According to the Treasury Department, 22 percent of payments for the first round of stimulus checks made up.
The IRS said people can track their first and second payments through the “Get My Payments” portal. As of Sunday afternoon, however, the portal was not offline.
Photo by Chip Somodevilla / Getty Images
“We are working fast to spread this second round of payments as quickly as possible. This work continues during the holidays and the new year as we prepare for the upcoming filing season. We appeal to everyone to IRS.gov in the coming days. ‘for the latest information on these payments and for important information and assistance in filing their 2021 tax,’ the IRS said in a December 29 release.
If you do not receive your stimulus test in full on January 15, you must claim the missing amount when you file your federal tax returns in 2021 through the IRS Recovery Rebate Credit. You can also claim money that the IRS owes you from the first incentive package, through the Discount Credit.
In addition, Americans waiting for direct deposit or by postal check should be warned about scams.
The Federal Trade Commission (FTC) has issued warnings that the government will not call, text or email you requesting your social security number, bank account or credit card details. The FTC also warned that the government will not ask for payment in advance to collect your stimulus check.
“Anyone who does this is a fraud,” the FTC said in a Dec. 22 statement.
Newsweek issued to the IRS but did not hear in time for publication.