Stimulus check update: When will you get your second payment?
A second round of stimulus checks will be sent to Americans under the new coronavirus aid deal that Democratic and Republican leaders reached on Sunday. However, the direct payments will be half of the first.
The news comes eight months after the first stimulus checks of up to $ 1,200 - plus $ 500 for child addicts - were sent. On this deal, payments are up to $ 600 for individuals and $ 600 for each dependent child.
House Speaker Nancy Pelosi (D-CA), Senate Majority Leader Mitch McConnell (R-KY), Senate Minority Chairman Chuck Schumer (D-NY), and House Minority Leader Kevin McCarthy (R- CA), agreed on the new $ 900 billion package incentive after a series of meetings last week that broke a month-long deadlock in negotiations. Around $ 166 billion of the package is said to flow straight into Americans' wallets.
U.S. President Donald Trump's name appears on Economic Aid coronavirus scans sent to citizens across the country on April 29, 2020 in Washington, DC. (Photo by Chip Somodevilla / Getty Images)
Under the CARES bill, around 160 million Americans received a stimulus payment of up to $ 1,200 - plus $ 500 for child dependent children - of over $ 270 billion from the 2.2 aid package passed in March Trillion dollars.
Here's what you need to know about the second round of stimulus testing:
Who gets a stimulus check?
Your eligibility is based on your most recent tax return and your adjusted gross income. For the second round of checks, the Internal Revenue Service will use your 2019 tax return to determine whether you qualify for the direct payment.
Social Security Beneficiaries, Disability Insurance Beneficiaries, Supplementary Insurance Income Beneficiaries, Railroad Retirement Board Beneficiaries, and Veterans Service Providers are eligible for payment even if they have not filed a 2019 tax return.
Eligible taxpayers who used the IRS non-filer tool for the first round of checks will be treated as tax returns and will also receive payments.
Single adults with incomes up to $ 75,000 will receive the full payment of $ 600. Married couples with incomes up to $ 150,000 will receive $ 1,200. Single parents filing as head of the household with incomes up to $ 112,500 will receive the full check for $ 600.
In addition, Americans who qualify for the Stimulus Payment and have children will receive an additional $ 600 per child under the age of 17.
Single adults earning between $ 75,001 and $ 99,000 and married couples earning between $ 150,001 and $ 198,000 receive reduced payments. Payment will be reduced by $ 5 for every $ 100 of additional income over $ 75,000 for single adults and $ 150,000 for married couples.
The deceased can also receive payment. Checks go to all eligible taxpayers who were alive on January 1, 2020.
Chuck Schumer (D-NY), Minority Leader Kevin McCarthy (R-CA), Mitch McConnell (R-KY) and Nancy Pelosi (D-CA), Speaker of the US House, sit together during a Congressional Gold Medal award ceremony for Steve Gleason at the US Capitol in Washington, USA, January 15, 2020. REUTERS / Joshua Roberts
Who doesn't get a check?
Single adults earning more than $ 99,000 and married couples earning more than $ 198,000 will not receive stimulus checks.
Individuals without a Social Security number and non-resident aliens - those who are non-US citizens or US citizens who do not have a green card or have failed the attendance test - are not eligible for direct payment.
Married taxpayers who jointly file when one spouse has a Social Security number and one spouse does not have a Social Security number will receive a payment of $ 600 in addition to $ 600 per child with a Social Security number.
Adult children whose parents claim they are tax-dependent are also not eligible.
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When does the stimulus check come?
The second round of stimulus checks could be distributed as early as next week, according to Treasury Secretary Steven Mnuchin.
“People will see this money early next week. It's very fast, ”Mnuchin told CNBC on Monday morning. "This is a very, very quick way to get money into the economy."
The CARES bill was signed by President Trump on March 27, and most of the stimulus checks were distributed by mid-April. The IRS has more information on eligible recipients this time around, which could potentially speed up the distribution process.
The bill is expected to be passed in the two houses of Congress on Monday, although delays are possible. In order for the law to come into force, it must be sent to the President for signature. This can take several days after Congress passed it.
The checks will be deposited directly into the taxpayer's bank account when they have received their last tax refund or are awaiting this year's refund in this way. If not, checks will be sent, which may take longer for Americans. In the first round of checks, it took up to four months for checks sent by post to reach the recipients.
How will the government send you the stimulus check?
The IRS will use the direct deposit information you provided from taxes filed for 2019.
You may be able to use the IRS non-filer tool to provide your information as you did the first round. So far, however, the IRS has not yet announced whether this tool will be available this time.
The tool was intended for eligible U.S. residents or permanent residents who had gross income less than $ 12,200 in 2019 ($ 24,400 for married couples) and who did not need to file a 2019 tax return.
If you haven't saved any direct deposit information or the account provided is now closed, the IRS will send you a check instead.
Do you have to repay the stimulus check?
No, you don't have to pay it back. It also doesn't reduce the refund you would otherwise get.
"No, there is no provision in the law that requires a payment to be repaid for economic impact," the IRS website said of the first round of checks.
If you were supposed to receive a larger sum based on your 2020 income but received a reduced amount based on your 2019 income, the government will pay you the difference when you file your 2020 taxes.
If your payment is too high due to your 2020 income, you will not be responsible for repaying the difference.
Denitsa is a writer for Yahoo Finance and Cashay, a new personal finance website. Follow her on Twitter @denitsa_tsekova.
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