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Who Gets The Money Fastest

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Who Gets The Money Fastest

While campaigning in Georgia on Monday, President-Elect Biden made a bold statement about a third-round of stimulus checks. Fortunately, we have answers to these and other frequently asked questions about your second stimulus check.

You can now track the status of your $600 payment online. If you’re set up for direct deposit with the IRS, you might have noticed a payment marked as “pending” in your account before the scheduled payment date of Jan. 4.

The relief package that created the recovery rebates directs the IRS to mail rebate notices to individual taxpayers no later than 15 days after distributing a rebate. The notice must detail how the rebate was paid , the amount of the rebate and a phone number to call if the taxpayer didn’t receive the payment.

At this point, it’s most likely that people will still receive $600 checks, according to Wall Street analysts. To be sure, millions of Americans could use bigger checks. Direct deposit payments are being made by the IRS first, with paper checks and prepaid cards to follow.

The IRS began sending out the first wave of stimulus payments last week. By now, you’ve probably heard that the federal government will send stimulus payments to Americans to help everyone weather the financial tsunami caused by the coronavirus pandemic.

Those eligible will receive a payment of up to $600 for singles and up to $1,200 for married couples, plus $600 for each qualifying child under age 17 in the household. If you receive certain social security, retirement, disability, survivors, railroad retirement, or veterans benefits, your payment will be distributed in the same method as your benefits. If you receive certain social security, retirement, disability, survivors, railroad retirement, or veterans benefits, you may automatically qualify to receive a payment.

The checks will be part of a much broader package that could include different types of aid, such as expanded unemployment insurance. And there are a few groups who were overlooked in the first round of checks who will also miss out on a second check. Democrats have supported $2,000 checks, but congressional Republicans have blocked previous efforts to increase the size of payments.

One exception to this is if you’re a member of the military and file a married filing jointly tax return. If you are concerned about visiting a tax professional or local community organization in person to get help with your tax return, the IRS indicates the Economic Impact Payments will be available throughout the rest of 2020.

That was twice as much as the highest income group (those making over $5,000 a month), who spent closer to 20 percent in that brief period. Because the sample is skewed towards households with lower incomes, Baker notes that usage of stimulus funds nationwide may more closely resemble this higher-income portion of the sample.

We also have a nifty Second Stimulus Check Calculator that tells you how much money you should get (everyone’s payment will be different). Once you know more about your second stimulus check, you can start figuring out how you can use the money to your advantage. Here’s what you need to know about the second stimulus check you’ll be getting soon .