Are you one of the millions of Americans wondering when you’ll receive your second stimulus in your bank account? Some eligible taxpayers have already begun to receive their relief boost of $600 payments per individual, $1200 for couples and $600 per dependent under 17, but are sure that you qualify?
Beginning December 29th, 2020, the IRS and the Treasury Department began distributing economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans. Haven’t received your check yet? There may be a reason why and we can help you get your stimulus check in your pocket faster!
Here’s how to speed up the process:
If you filed your return for 2020:
You will receive your stimulus check in the same account that your refund was delivered if you chose direct deposit.
The ‘Get My Payment’ tool is currently disabled as of January 1st 2021, until furthur notice.
If you didn’t get a refund, requested a paper check when you filed taxes or closed your bank on file, the IRS is sending them out via paper check or EIP card through the mail.
If you haven’t yet filed for 2020:
Option 1 :
As of January 1st 2021, the ‘Get My Payment” online tool page is still in the process of updating and there’s no way to update your banking information right now.
The IRS will use your most recently filed tax return if you received a refund by direct deposit in 2018 or 2019. If they do not have your banking information because you opted for a paper check or owed, you will receive a check or EIP card in the mail.
Two other ways the IRS would have deteremined your banking information is if you registered your banking information for the first check through the IRS’ ‘Get My Payment’ online tool.
Or you provided the IRS your banking information through the Non-Filer tool.
File your 2020 return promptly. If you receive a refund and opted for direct deposit, the IRS will use your banking information to send the funds if they haven’t already done so.
If you’re not required to file a tax return because your gross income was under $12,200 ($24,400 for married couples) for 2019 or 2020:
Use the non-filer tool to submit your banking information. You should also use this tool if you don’t file and have qualifying children who are at 16 years of age or younger.
If you receive disability, railroad retirement, survivor, or Social Security benefits:
No action is required from you. The IRS will automatically deposit your stimulus check in the account where you receive monthly benefit payments.
Expedite the process of submitting your banking information to the IRS by having your banking information, driver’s license or state-issued ID number, Identity Protection Personal Identification Number (if applicable), and Social Security number for your dependents handy.
Smart Ways to Use Your Stimulus Check
Whether the stimulus check has already hit your account or is en route, it’s never too soon to start brainstorming ways to put the funds to good use. A few viable suggestions:
Stash Your Cash
With so much uncertainty lingering, it’s not a bad idea to tuck your stimulus check proceeds away for a rainy day. Find a savings account with a decent rate of return or, better yet, use your stimulus check to start investing and building wealth.
Read on to find out how MoneyLion can put your investments on autopilot and make you money in the background of life.
Pay Off High-Interest Credit Cards
This year’s financial crisis might have pushed you to use your credit cards more than you’d like. If you have a steady source of income and a cash stash, pay off a small high-interest credit card.
This prevents you from throwing away money on interest every month, and your credit score will benefit because your utilization is lower. Just don’t forget to use and pay off the card on occasion so the credit card issuer doesn’t close the account.
Get Current on Past-Due Debts
Were you dealing with past-due debts before the COVID-19 crisis?
If you’ve already called the creditors, and they won’t allow you to participate in a relief program, use a portion of your stimulus check to bring your accounts current. This prevents the accounts from going into collections and saves you a bundle on late fees and penalties that continue to rack up.
Rebuilding Your Credit
Have you fallen behind on a bill because of financial hardship due to COVID-19? Consider using your second stimulus check to start rebuilding credit. You can pay off those pesky collection accounts that aren’t near the reporting timeline to get them out of your hair. It may not increase your credit score by much, but you’ll be perceived as less risky in the eyes of creditors.
Or you can join a Credit Builder Plus membership from MoneyLion, and boost your credit rating with a Credit Builder Loan up to $1,000. You’ll only spend a small portion of your stimulus check and receive a part or all of the loan proceeds in your account right away.
The remainder sits in an interest-earning Credit Reserve Account until you pay the loan off. Each time you make a payment, the positive activity is reported to the credit bureaus to help build your credit score.
Donate the Funds to a Worthy Cause
Are your finances in tip-top shape, and you don’t need the proceeds from the stimulus check? Contribute to the charity of your choice. A thousand dollars could go a long way when used to feed the needy or provide supplies to the low-income, underserved and homeless populations.
Invest Your Stimulus Check
Looking for a way to invest your stimulus check? A fully managed investment portfolio with MoneyLion is an effortless way to put that extra money to work.
After answering a few questions to determine your risk tolerance, we’ll help curate the perfect investment plan that works for you based on your preferences. Spread that money out over time if you’d prefer with auto-investing.
For $1/month and no minimums, you can select a recurring amount you’d like to invest each month and we’ll handle the rest!
Getting Your Direct Payments Early
If you previously received your direct payment in 2020, your payment is likely on its way to the bank account you previously used. However, if you have changed your account or received a paper check – you still have options to get funds today.
By signing up for Instacash, you can get advances on your paycheck or government funds up to $250. Simply link your RoarMoney account or external account to Instacash and we’ll determine the amount we can advance you.