Sunday, January 17, 2021

Still waiting for your second stimulus check? How to get your money back

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If you check your bank account (or mailbox) every day for your stimulus check to no avail, there’s a better way to see if your money is on the way.

The IRS has a portal called Get my payment, which allows you to enter your social security number, date of birth and address, and “track” your stimulus check.

According to the agency, checks began to be sent by direct deposit on December 29. At the time the agency wrote in a press release, “Upfront direct deposit payments may start arriving as early as tonight for some and will continue into next week.” Paper checks will start mailing tomorrow, Wednesday, December 30. “

Who is eligible for checks for $ 600? How Much Should I Expect?

The checks this time will be up to $ 600 for individuals or $ 1,200 for married couples and up to $ 600 for each eligible child. These stimulus checks will decline for households whose adjusted gross income in 2019 – that is, federally taxable income – exceeds $ 75,000 per person or $ 150,000 per qualifying couple. Checks are completely gone for people earning over $ 99,000 and childless co-filers at $ 198,000.

Did you not receive any stimulus test? You might still be lucky

One thing to keep in mind: Those who haven’t received a first or second stimulus check, but are eligible to claim one, will be able to get that money when they file their 2020 taxes. ” IRS urges taxpayers who haven’t received payment this year to review eligibility criteria when they file their 2020 taxes; many people, including recent college graduates, may be eligible to claim it. People will see the Economic Impact Payment (EIP) called Recovery Reimbursement Credit (RRC) on Form 1040 or Form 1040-SR since EPIs are an advance payment from RRC, ”according to the agency.

What about a third stimulation test?

The odds of another direct payment, or a third coronavirus stimulus check, increased after the pair of U.S. Senate victories by the Democratic Party transferred control of the chamber to the Democrats. Goldman Sachs wrote in a report on Monday that “Democratic oversight of the Senate is likely to lead to greater fiscal stimulus in the near term.” We expect Congress to approve additional budget relief of $ 750 billion (3.4% of GDP) in late February or early March. ”

Senator Chuck Schumer, who is expected to become the Senate Majority Leader, told reporters on Wednesday that “one of the first things I want to do when our new senators are seated is hand over the $ 2,000 checks to American families.” Schumer can count on a signing from new President Joe Biden, who has already reaffirmed his support for a $ 2,000 stimulus check.

The IRS adds, “If additional legislation is passed to provide for an additional amount, the Economic Impact Payments that have been issued will be recharged as quickly as possible.”

More to read absolutely financial cover of Fortune:

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