Similar situation, with a twist.
Let’s set aside the discussions about the amount of money included in the US Government’s second stimulus check (and believe me, I have plenty of opinions on that). The positive thing is that everyone is receiving something. While the COVID-19 vaccines are gradually being distributed, the duration of the current situation, both in the country and globally, remains uncertain. Even though it’s just $600, if used wisely, it can make a significant difference. But before anything else, you need to receive your payment first.
Firstly, let’s review who qualifies for this stimulus. Unlike the payments distributed in 2020, the eligibility criteria for the latest stimulus are more specific. If your yearly income is $75,000 or less according to your recent tax returns, you are entitled to the full $600 payment. If you filed your taxes jointly with your spouse and your combined income is $150,000 or below, you will each receive $600, totaling $1,200. Besides, if you have dependents under 17 years old, you will receive an extra $600 per dependent. If your income exceeds the specified thresholds, your payment will decrease gradually, ultimately reaching zero at $87,000 for individuals and $174,000 for joint filers.
I’m back to dealing with the IRS, and now they will send me a check by mail. I don’t know why they messed up. I used TurboTax for my filings in recent years and have been banking with Chase for some time. My first stimulus check was deposited without any problems.
— Nathan Mashburn (@nathan_mashburn) January 5, 2021
If you have provided your direct deposit details to the IRS, your stimulus payment will be directly deposited into your bank account. In such cases, you might have already received your payment; therefore, check your account. If you didn’t provide the IRS with your direct deposit information, you will have to wait a few weeks to receive a paper check by mail. Furthermore, some individuals have reported delays in receiving their payments despite providing their direct deposit information. It seems that the IRS made errors for individuals who filed taxes through platforms like TurboTax or H&R Block, sending the funds to those service providers instead of the taxpayers themselves. If you are in this situation, rest assured that you will still receive your payment, albeit with a slight delay.
