Stimulus payments are on their way – if you haven’t already received yours. The Internal Revenue Services (IRS) began sending out payments to eligible taxpayers and their dependents on December 29th via direct deposit.
You might have friends and family sharing that they’ve received their deposit, but what if you haven’t received yours?
Let’s take a closer look at how you can get relief cash in your pocket and when you should expect to receive it.
Am I Eligible for a Second Stimulus Check?
U.S citizen and resident aliens who aren’t eligible to be claimed as dependents on another person’s income tax returns are eligible for this second round of stimulus payments. This payment is automatic for eligible individuals, married couples who file jointly, and their dependents under 17 years old.
When Do Stimulus Checks Begin Distribution?
According to the IRS, distribution began December 29th via direct deposit followed by a paper check on December 30, 2020. You’ll receive the direct payment to whichever bank account you’ve supplied the IRS with on the ‘Get My Payment’ tool or from your 2019 or 2020 filing
If you haven’t received your payment yet and want to check the status check of your Economic Impact Payment click here.
What if I Changed My Bank Since I Filed?
Unfortunately, If you changed your bank account information since you’ve received the first stimulus, you cannot change it. The IRS will use the information you provided for your 2019 taxes, non-filer registration before December 22, 2020, or information provided by federal agencies like Social Security Administration or Veteran Affairs. If you don’t get a payment, but you’re eligible to collect one, you can claim it on your 2020 tax return as the Recovery Rebate Credit.
While you’re anxiously waiting for your stimulus payment, download the MoneyLion app and sign up for a RoarMoney account. You’ll gain instant access to a virtual debit card, budgeting tools, and plenty of ways to earn cashback rewards.
Is eating healthier one of your New Years Resolutions? During January 2021, Get 2% cashback online or in-store at Whole Foods and Instacart with your MoneyLion Debit Mastercard and RoarMoney virtual card through the rewards tab.
When Will Stimulus Checks Be Deposited for Federal Beneficiary Recipient
Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), Social Security Administration (SSA), Railroad Retirement, and Veterans Affairs beneficiaries who are eligible for a relief payment will get an automatic payment either by paper check or direct deposit. Use the ‘Get My Payment’ tool to check the status of your payment.
What Amount Should I Expect in My Stimulus Deposit
Eligible taxpayers should expect Economic Impact Payments in the amounts of the following:
- $600 for individuals
- $1,200 for married couples
- Up to $600 for each qualifying dependent child under 17 years of age
Your gross income for 2019 needs to be under $75,000 for individuals and a maximum of $150,000 for married couples who file their taxes jointly to qualify for the full payment. Anyone who files with income above those amounts will receive reduced payments.
For example, a family with a married couple who files jointly, and one child under 17 would receive $1800.
Stimulus Check Calculator
Estimate how much money you may receive with the 2021 direct payments
Can I Check the Status of My Stimulus Check
Yes, anyone with a Social Security Number (SSN) or Individual Tax Identification Number (ITIN) can go to IRS.gov and use the ‘Get My Payment’ tool to check your payment status.
The IRS and US Treasury to obligated to deliver these payments by January 15th, 2021 or you’ll need to claim all or part of the missing amount when you file your federal tax returns in 2021 through the Recovery Rebate Credit. Any money owes to you from the first round of stimulus checks can be claimed at this time as well.
The Recovery Rebate Credit is authorized under the CARES Act and allows eligible individuals who didn’t receive the full amount of the recovery rebate, also known as an Economic Impact Payment, to claim the Recovery Rebate Credit on a or Form 1040-SR or 2020 Form 1040. Typically, this type of credit increases your tax refund or lowers the amount of taxes you owe.
To qualify for the Recovery Rebate Credit, the credit eligibility and the credit amount are based on the tax year 2020 information shown on the 2020 tax returns filed in 2021.
Get a $250 Advance With Instacash
If the coronavirus has impacted your finances in many ways and the second stimulus check isn’t coming fast enough, consider Instacash. MoneyLion’s safe and secure cash advance alternative to get up to $250 with 0% APR, no hard credit check, and zero hidden fees.