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Jan 04, 2021
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About this Deal

The IRS and the U.S. Treasury Department began issuing another round of economic impact payments last week, which have already started hitting Americans’ bank accounts.

While the process should be more efficient for the U.S. government the second time around, some individuals will undoubtedly find themselves with questions or on the receiving end of some minor hiccups.

The IRS, which is urging individuals to visit its website rather than call with concerns, relaunched its Get My Payment tool to help individuals track their payments on Monday to help alleviate some questions among recipients.

The tool will allow users to confirm whether a payment was sent and the expected method of delivery – direct deposit, paper check or prepaid debit card. The data is updated once per day, according to the agency.

If a payment was not received – or was not issued in the correct amount – the agency urged individuals to claim the payment on their 2020 tax return as a Recovery Rebate Credit.

Direct deposits may take several days before showing up in back accounts, the IRS said on Monday. The process of mailing paper checks began last week and the government will also mail prepaid debit cards in January. Mailed payments will take longer to arrive.

HERE’S WHEN YOUR SECOND STIMULUS CHECK WILL ARRIVE

Individuals earning up to $75,000, or $150,000 for married couples, are eligible for the second round of direct payments. Households are eligible for an additional $600 per qualifying child.

Beyond those income thresholds, the payments would begin to phase out at a rate of $5 per $100 of additional income.

Individuals earning more than $87,000 and married couples earning more than $174,000 are ineligible for payments.

Mailed checks will be for $600 – although lawmakers are in the midst of considering legislation that would more than double that amount.

The House of Representatives has passed standalone legislation that would increase the economic impact payments to $2,000, from $600 – a policy that President Trump has very publicly supported.

However, Senate Majority Leader Mitch McConnell, R-Ky., has so far prevented the chamber from taking up the bill.

The IRS said that if the legislation does pass, payments will be topped up expeditiously.
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