CHECK IT OUT
Who gets the $600 stimulus check?
CONGRESS gave the $900billion relief package the green light on December 21 which includes the highly anticipated $600 stimulus checks.
The coronavirus relief bill has yet to be signed by President Trump, who refused to endorse the small amount of cash lawmakers agreed upon and demanded $2,000 be handed instead.
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WHO IS GETTING $600?
, with the threshold set at $150,000 for couples.
As it stands, adults and though Democrats were pushing for $1,200 per person.
Families of four (two adults, two kids) could get a $2,400 payout.
But any change in your AGI or total income could increase or reduce the stimulus check.
This means if a person got a promotion or a new job, their payout could be smaller this time around.
But because nothing is concrete until the president signs it into law, citizenship status in the US, US territories or abroad could change and alter a person's eligibility to get the check.
The IRS defines a child dependent as 23 or under, and financially reliant on the person filing taxes, meaning $600 per dependent.
But the $600 will be directed toward each dependent child under 17 years old, meaning college students and older high school students won't qualify.
If dependents recently became a parent or got a new job, they may qualify for their own check as an independent adult.
Two hours after it passed in the House, US senators approved it with a 92-to-6 vote.
signed a stopgap spending bill to keep the US government open until December 28 because the paperwork still has to be completed on the $900billion package, which he has yet to sign into law.
US citizens are still waiting to hear when the first round of payments will be issued as the money sits in limbo.
"Most of these will be direct deposits. We call them 'checks in the mail,' but most will be direct deposits," Treasury Secretary told yesterday.
"It will be within three weeks. We are determined to get money in people's pocket immediately. So that will be within three weeks."
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HOW SOON WILL THEY ARRIVE?
The stimulus distribution has been halted due to President Trump's demand for more money.
On December 25, the president tweeted that he had made "many calls" to increase the amount for US citizens saying: "Made many calls and had meetings at Trump International in Palm Beach, Florida. Why would politicians not want to give people $2000, rather than only $600?
Adding: "It wasn’t their fault, it was China. Give our people the money!"
President-elect Joe Biden lashed out at Trump for not signing the bill into law.
"This abdication of responsibility has devastating consequences," Biden said in a statement Saturday.
"It is the day after Christmas, and millions of families don't know if they'll be able to make ends meet because of President Donald Trump's refusal to sign an economic relief bill approved by Congress with an overwhelming and bipartisan majority."
If Trump decides to sign the agreed-upon bill, the IRS and Treasury could start .
This is a significantly shorter timeline than the 19 days it took when the Cares Act was passed.
"I can get out 50 million payments really quickly. A lot of it into people's direct accounts," Mnuchin said back in August – but different groups will be prioritized for different reasons.
It also depends what form of payment you'll be getting i.e. direct deposit or a check. First in line will be those who got it directly into their accounts.
“For most Americans, these payments will go out really quickly and in a similar timeline to the first round of stimulus checks,” Chantel Boyens, a former Office of Management and Budget official, told .
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CHECK TIMELINE
People who haven't logged banking information with the IRS will get a paper check or a prepaid debit card and the Treasury can deliver five to seven million of these per week.
If the bill doesn't get signed now anddoesn't sign it until February 3, this would push everything back by nearly a month with direct deposits being issued from the week of February 8.
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CHECK ERRORS
People who are behind on child support payments may have their check amount slashed.
Creditors or banks could seize your assets and in this exceptional case, stimulus check, if the rules don't change with this legislation.
If you moved and didn't inform the IRS, they may not know where to send your check but this won't matter if you got the first payment directly into your account.
If clerical errors and complex rules mean you don't get a payment, you can file a rebate.
Meanwhile, people getting Social Security or Supplemental Security Income (SSI) benefits will be reportedly eligible for full rebates.
It's quicker if they use direct deposit for their monthly payment but the wait is longer by mail.
If your spouse or child dependent has died, you pay also get a smaller payout if they passed away between your last tax filing and the receipt of the second stimulus check.
The IRS may ask for the check to be sent back if the person died recently.
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However, millions of people may not have received their first $1,200 payment from the Cares Act yet, which Boyens acknowledged is "a significant hole."
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"With a second round of payments, the IRS has more information about the non-filers who overcame those barriers and should be able to get payments out to them more quickly,” Janet Holtzblatt, senior fellow at the Urban-Brookings Tax Policy Center told CNBC.
“But reaching the remaining non-filers and ensuring that they receive both rounds of payments remains a challenge.”
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