Those who have their income tax return deposited to your bank account electronically, might want to check their account soon.
While the bill to increase federal stimulus payments to $2000.00 remains deadlocked in Congress, the $600.00 stimulus payments approved in the most recent COVID relief bill started hitting bank accounts Tuesday night.
U.S. Treasury Secretary Steven Mnuchin Tweeted yesterday evening that direct deposit payments had begun being sent to those who have their bank accounts on file with the Internal Revenue Service. For those who do not, the process of mailing out paper checks began today.
Distribution of the payments is automatic to individuals with an adjusted annual income of $75,000.00 or less qualifying for the $600.00 payment. Included in the second round of payments are provisions for married couples filing jointly who will receive $1,200.00 as well as an additional $600.00 per qualifying child.
A qualifying family of four could receive as much as $2,400.00 in the current round of stimulus payments. According to the U.S. Treasury, those whose incomes are above $75,000.00 will receive a reduced payment amount.
Officials say the payments are expected to flow faster this time around since both the Treasury and IRS already have necessary information such as who qualifies and how to distribute the funds.
If Congress were to approve the proposed increase to $2,000.00 payments that both President Trump and Congressional Democrats are pushing for, the Treasury says the payments already issued to millions “will be topped up as quickly as possible.”
No action needs to be taken by qualifying individuals to receive the payments. The Treasury says individuals can check on the status of their payments “later this week” by going online to irs.gov/GetMyPayment.