With the bill passed and the signed by the president, the $900 billion covid relief/stimulus bill is set to deliver the money. This time around, it is $600 checks for most people and they are going out right now. Here is when you should see your money.
New $600 Stimulus Checks
The CARES Act that brought the first stimulus money back in March of this year laid the groundwork for the IRS to be able to quickly get the money out this time. While many people were still waiting months after the previous bill had passed, the goal this time is to get all payments out by January 15.
The Treasury Secretary Mnuchin said last night that direct payments via direct deposit started going out last night, December 29. The official day for the payment is January 4, 2021 but many Americans will see the money in their bank accounts (that they had previously received the stimulus money in) as early as today, December 30.
This means that all those that received their last payment via direct deposit will see this money again by January 4. If you received a check last time or did not have bank account information on your 2019 tax return (which is being used for the eligibility this time), you will receive a check this time. Checks will start going out today, December 30, with all checks being delivered by January 15, 2021.
While most people that do not receive their money via direct deposit will get a check, some recipients may receive a debit card, as happened last time. Make sure you read this post to make sure you do not miss that!
How Much Money Will You Receive?
Here is a calculator that shows you what you can expect to receive from the second stimulus checks.
This is written by the same Jasmine J Mah that wrote the first stimulus calculator – hope it helps to make this all a little more simple for you!
Checking the Status of Your Money
The IRS is going to resurrect the status tool for the economic impact payment very soon. This means you will be able to check the status of the payment going forward. Once this goes live, I will post it.
What Happens If You Do Not Get the Money in the Next Few Weeks?
The good news is that you will be able to claim this payment (and the last one) on your 2020 tax return – if you did not receive the payments. With 2021 right around the corner, it means you can file those returns very soon and expect to get the Economic Impact Payment money with your tax return.
How will the IRS know where to send my payment? What if I changed bank accounts?
This is from the IRS directly
The IRS will use the data already in our systems to send the new payments. Taxpayers with direct deposit information on file will receive the payment that way. For those without current direct deposit information on file, they will receive the payment as a check or debit card in the mail. For those eligible but who don’t receive the payment for any reason, it can be claimed by filing a 2020 tax return in 2021. Remember, the Economic Impact Payments are an advance payment of what will be called the Recovery Rebate Credit on the 2020 Form 1040 or Form 1040-SR.