Still waiting on your $600 stimulus payment? You may be waiting for a long time
Wondering where your $600 COVID-19 relief stimulus payment is? You may be waiting until tax time.
The $600 stimulus payments are a result of the $900 billion pandemic relief bill recently passed by Congress. It is the second relief package for Americans, following the $2 trillion CARES Act that was passed in March.
The payments are arriving in some Americans’ checking accounts roughly eight months after the first round of stimulus payments, where each American received up to $1,200, based on their income status.
Still haven’t received yours? The Internal Revenue Service says any eligible individuals who didn’t automatically receive their $600 by may need to claim it on their 2020 tax return and be reimbursed at a later date.
Payment disbursement began Dec. 29 and, according to the IRS, will continue until Jan. 15.
If the money has been sent, most recipients will likely see it as a direct deposit in their bank account, the IRS says. Some recipients may receive a paper check or a preloaded debit card. The payments are tied to recipients’ last tax filing.
I haven’t received my payment yet. What should I do?
If you haven’t received your payment yet, the IRS suggests visiting https://www.irs.gov/coronavirus/get-my-payment, where you can check on the status.
However, as stated earlier, it’s possible you may not receive a payment before Jan. 15. In that case, the money will be issued on your tax refund or will help pay down taxes that you owe.
Am I eligible for a payment?
Eligibility has changed in the second round of stimulus payments. According to the IRS, if you had a gross income in 2019 of up to $75,000 or a joint income of up to $150,000 for families, you will receive a payment. The amount may vary based on your income status.
Should I expect an automatic payment?
It depends. If you filed a tax return last year, receive Social Security, survivor or disability benefits, railroad retirement benefits, supplemental security income or are a Veteran Affairs beneficiary, you should receive an automatic payment. However, it’s not guaranteed, and as stated before you may end up getting the funds during tax time.
If you didn’t file a tax return in 2019, the IRS says you still may be eligible for the payment, but it won’t be automatic. You can still claim the money on your 2020 tax return.
Additionally, you may receive a check or a preloaded gift card instead of a direct deposit.