When do you get a second stimulus test?

When do you get a second stimulus test?

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A second round of stimulus payments has been included in a coronavirus relief package signed by President Donald Trump on Sunday night.
The agreement provides for $ 600 checks, but experts believe it will take at least two weeks before the treasury receives cash in individuals’ bank accounts after legislation is signed.

“The timing may be more challenging this time around, but the IRS could probably start getting the money out in January,” said Howard Gleckman, a senior fellow at the Urban-Brookings Tax Policy Center.

In March, Congress provided individuals with $ 1,200 direct payments and couples $ 2,400 plus $ 500 per child under the $ 2 billion CARES law.

As with the first round, new payments will begin to decline for individuals with adjusted gross incomes in excess of $ 75,000, and those earning more than $ 99,000 will receive nothing. The income thresholds will be doubled for couples.

It took two weeks after the first bill was accepted before the IRS began distributing the money – but some recipients still had not received it months later.

Who gets the money the fastest

The payments do not all go out at once. Those whose banking information is will probably first get the money on file with the IRS, as it will be deposited directly into their account. Others will receive paper checks or prepaid debit cards by mail.

About 90 million people – more than half of those eligible – received their payments within the first three weeks of April after the March agreement was signed. Most people had their money within two months.
Yet about 12 million eligible Americans are at risk of not getting the money at all because the IRS has no way of getting it. While most people received the money automatically, people with very low incomes who do not normally file tax returns had to register online before November 21 to provide their address or bank account number.

IRS under pressure

Additional checks may be delayed the start of the 2020 tax filing season.

A second stimulus test means the agency has to change the tax return forms, some of which have already been sent to the printers.

December is not an ideal time to increase the IRS’s workload. This is usually the month in which preparations are made for the upcoming submission season and due to the holidays, more staff may be on leave than usual.

“I believe the IRS will deliver the stimulus checks on time. It may come at the expense of the start date of the filing season,” said Chad Hooper, executive director of the Association of Professional Managers. union IRS workers.

This story has been updated with details on the Covid-19 funding and government funding bill signed by President Trump on Sunday.

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