When will you receive a second stimulus check?

When will you receive a second stimulus check?

by
A second round of stimulus payments was included in a coronavirus aid package signed by President Donald Trump on Sunday night.
The agreement provides for checks for $ 600, but experts say it will take at least two weeks for the Treasury to put money into individuals’ bank accounts after the legislation is signed.

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

In March, Congress awarded individuals with direct payments of $ 1,200 and couples $ 2,400 plus $ 500 per child under the $ 2 trillion CARES Act.

As with the first round, new payments will begin to be phased out for individuals with an adjusted gross income of more than $ 75,000, and those earning more than $ 99,000 will receive nothing. Income limits would be doubled for couples.

It took two weeks after the first account was approved for the IRS to start distributing the money – but some eligible recipients still haven’t received it, months later.

Who wins the fastest money

Payments don’t come out all at once. Those whose bank information is filed with the IRS you will probably receive the money first, because it will be deposited directly into your account. Others will receive prepaid paper checks or debit cards in the mail.

About 90 million people – more than half of those eligible – received their payments in the first three weeks of April, after signing the March agreement. Most people received their money in two months.
Still, about 12 million eligible Americans were at risk of not receiving the money because the IRS had no way of contacting them. Although most people receive their money automatically, very low-income people 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 delay the beginning of the 2020 tax reporting season.

A second stimulus check means that the agency will have to make changes to the tax return forms, some of which have already been sent to printers.

December is not an ideal time to increase the IRS workload. It is usually the month when work is done to prepare for the next filing season and more employees may be on leave than normal due to holidays.

“I believe the IRS will deliver stimulus checks in a timely manner. It may be at the expense of the start date of the filing season,” said Chad Hooper, executive director of the Professional Managers Association, which defends more than 30,000 non-union workers at the IRS .

This story has been updated with details of the Covid-19 government’s relief and financing bill signed into law on Sunday by President Trump.

.Source