The IRS and Treasury Department have four days left to automatically maketo the and of those for the . Afterward, anyone still expecting relief money will need to this year.
And amay not be far behind. After in a few days later on Jan. 20, he is expected to begin work with Congress on a that could include a .
If you’re still waiting for the current, you may have questions: Do you , did the IRS send you , and what ? We’ll explain all that, plus where you can track your second stimulus check, and what happens if you don’t by next week. This story was recently updated.
You have two ways to track your payments
If you’re missing your first check and waiting for your second, there are two things you can do to get some visibility into what’s going on. The first is to use the. The tool can show if there’s an issue that could — the IRS has already bungled millions of deliveries. Make sure you read our , since it isn’t always completely straightforward.
The second method, which is specifically for people who are gettingand , is to sign up for a and lets you know when it’s coming. That takes the guesswork out of the whole operation.
The IRS has days to deliver $600 stimulus checks before a deadline
payments have a deadline, specifically a Jan. 15 cutoff that’s part of December’s bill authorizing the money. As a result, there are now — before the deadline, and after.
Wait, what happens after the Jan. 15 cutoff?
If you don’t get your second check shortly after Jan. 15,will in 2021. The later you file taxes, the longer it might take to .
Can I call the IRS if there’s a problem with my stimulus check?
When the IRS facilitated sending the first stimulus checks, it sent a letter with phone numbers to call if you ran into trouble. The agency also staffed up call center representatives. That’s not the case this time around. Instead, the IRS wants you to claim your missing money using theas and use online tools and tells you not to call. Here’s how to .
$2,000 third stimulus check is building momentum
The last Congress endedinstead of the $600 ones now going out. The next chance will come after .
Biden has just sketched a framework for his administration’sand has . Who would qualify is unknown, but if , we built a . Here are eight ways you could .
The $600 stimulus payment limit disqualifies more people
ThePresident Donald Trump approved Dec. 27 as part of December’s reduces the total amount you will get to up to $600 per and $1,200 for married couples filing jointly.
But the fact that the $600 upper cut-off limit is half the first check actually lowers the income ceiling for getting a partial payment and for getting any check at all. That’s because a sliding scale built intogives you the full amount up to a certain income limit, and then a partial payment up to a set amount beyond that. After a certain amount, you wouldn’t be eligible for any stimulus money. ( to estimate your household’s payment this second time around. Here’s .)
In other words,from a $600 maximum stimulus check than they would the $1,200 or $2,000 maximum payment. For example, a single taxpayer would still get the full $600 with an , but they would not receive anything above $87,000, down from the $99,000 cap for the first check. See our guide for a . A $2,000 stimulus check that uses the same formula would .
Each kid counts for $100 more than the first stimulus check
The $900 billion set aside for economic stimulus changes the amount of money you’d get for qualified, a flat rate of $600. This is different from the variable rate set for . Compared to the first direct payment, this is an increase from $500 per child dependent 16 years or younger. There is no cap on the number of children 17 and under who would contribute the household’s total.
People who don’t file taxes are eligible for a second stimulus check
While, you don’t need to have filed a tax return to qualify for a check. If you’re over age 65, for example, and receive , you could still qualify for a stimulus check under the CARES Act. You might need to take an extra step to request your payment to get your check if you don’t receive it automatically during tax season.
Your stimulus payments are not taxable income
The IRS. That means a payment you get this year won’t reduce your refund in 2021 or increase the amount you owe when you file your 2020 tax return. You also won’t have to repay part of your stimulus check if you qualify for a lower amount this year. The IRS said if you didn’t receive everything you were owed this year, you can claim it as a credit on your 2020 federal income tax return by filing in this year.
Eligibility rules and exceptions vary by situation
Now that a second stimulus check is approved, there will be lots of small details, rules and exceptions that may be confusing. While some situations will be easy to understand, others concerning you and your dependents might make it unclear if you’re eligible and how much money you might receive because fringe cases abound.
Certain, such as if you .
Your second stimulus money will not be taken for debt or rent
In most cases, your check is yoursand it isn’t taxable. But there were a few situations where the state or federal government or a debt collector can take to cover a debt, such as if you . However, with the second check, the money can’t be used to pay past-due federal or state debts, and the payments are protected from bank garnishment and from private creditors or debt collectors.
The calculation starts with your household’s total, adds on the money allotted to qualifying child dependents and then deducts from the total based on your income bracket.