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How Will I Know When My Stimulus Payment Has Been Deposited?

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How Will I Know When My Stimulus Payment Has Been Deposited?

The new stimulus stipulates that these couples will now be eligible to receive payments for the taxpayers and qualifying child dependents with work-eligible SSNs. The New York Times reports that some people banking with credit unions are in danger of having their stimulus payments taken to offset overdraft fees and other liabilities.

Nearly four million people are being sent their Economic Impact Payment by prepaid debit card, instead of paper check. The determination of which taxpayers receive a debit card was made by the Bureau of the Fiscal Service, another part of the Treasury Department that works with the IRS to handle distribution of the payments.

Instead of a check, the rebates showed up as a reduction in their tax withholding amount. Lastly, expats who haven’t filed US taxes in the last three years can catch up on filing and claim both stimulus payments through the IRS’ streamlining procedure.

If the IRS is unable to find direct deposit information, they will send the money by check. Anyone who got the first round of payments this year but doesn’t use direct deposit will generally receive a check or, in some instances, a debit card. Paper checks and debit cards are being mailed throughout the month.

This provision is retroactive to the first round of payments authorized under the CARES Act in March. Direct deposit payments started landing in bank accounts on January 4.

Those who receive federal support through Social Security, Railroad Retirement or Veterans benefits, generally should get the money automatically. If you are are concerned about receiving your cash, the IRS is urging you to file your 2020 tax return as soon as possible, at which point you will receive a credit for the money.

TRACIE VAN AUKEN/EPA-EFE/ShutterstockThe second round of stimulus checks started hitting bank accounts on Wednesday, Dec. 30. The criteria for who gets a payment and when the payments go out are similar to those used earlier this year for the first round of stimulus checks issued through the CARES Act. Here’s what you need to know about the second batch of stimulus checks.

If they do not, they are also urged to file a tax return this year. A new client is defined as an individual who did not use H&R Block or Block Advisors office services to prepare his or her prior-year tax return. You must have a valid Social Security number, and you can’t have been claimed as a dependent on someone else’s 2019 tax return.

The second round of checks would have the same type of income phaseouts as in the CARES Act, with the stimulus check payments reduced for earnings above $75,000 per single person or $150,000 per married couple. Single filers with income exceeding $87,000, $124,500 for head-of-household filers and $174,000 for joint filers with no children are not eligible and will not receive payments.

The same eligibility rules apply to the second stimulus check payment as the first one. Despite the president’s delay in signing the bill, Mnuchin on December 29 tweeted that stimulus checks could begin arriving in bank accounts “as early as tonight.” The new law lets the IRS tap into information held by the Social Security Administration that should cut down the number of second-round stimulus checks being sent to people who have passed away.