The IRS has mentioned that most will receive the second stimulus check by direct payment. The Internal Revenue Service (IRS) has insisted that taxpayers who are eligible for a second stimulus check are not required to take any action.
Initial direct deposit payments began arriving on Tuesday night, Dec. 29, and will be made through next week, said Treasury Secretary Steven Mnuchin, while paper checks were mailed starting Wednesday, Dec. 30.
The economic stimulus check is part of the Coronavirus Response and Relief Supplemental Appropriations Act that was passed by Congress last week and signed by President Donald Trump on Sunday night.
Some people may see direct deposit payments in a pending status or as interim payments into their bank accounts before the official payment date of January 4, 2021, paper checks may have a later date. It doesn’t matter if the payments are direct deposit or paper checks are automatic.
There is no formula to determine the date of arrival of each check. The IRS has reminded taxpayers not to contact their financial institutions or the IRS with questions about the payment date.
Payments received by the second stimulus check for eligible taxpayers who filed a tax return in 2019, those receiving Social Security retirement or disability benefits (SSDI), Railroad Retirement benefits, as well as Supplemental Security Income (SSI) and Veterans Affairs beneficiaries who did not file a tax return. If this is your situation and for some reason you don’t receive a payment, you can claim your money when you file a tax return for 2020.
Payments will also be automatic for anyone who successfully registered for the first online payment on the IRS website using the Non-Filers tool by November 21 of last year or who filed a simplified tax return that was processed by the IRS.
Eligible individuals will receive checks of up to $600 for singles and $1,200 for married couples and up to $600 for each qualifying child. The amount of the checks will begin to decrease progressively for those earning more than $75,000, $150,000 for joint filings and $112,500 for heads of household.
As with the first stimulus check, economic dependents over age 17 are not eligible to receive the child payment. Many people think there was a change in eligibility for dependents but this did not happen. For eligibility criteria you can find additional information on the IRS website.
How will the second stimulus check be paid?
As with the first round of stimulus checks, most people will be paid by direct deposit. Social Security and other beneficiaries who received the first round of stimulus checks through Direct Express will receive this second payment in the same manner.
If you haven’t received your stimulus payment by direct deposit, you will probably receive a check or in some cases a debit card.
The IRS noted that the form of payment for the second stimulus check may be different than the first one. Some people who received a paper check during the first delivery might receive a debit card this time and some people who received a debit card last time might receive a paper check.