Where’s My Stimulus Check? 

up close view of the united states dollar bill seal

When will I get my IRS stimulus check? Why hasn’t my $600 arrived? Will there be a third stimulus check? Your questions answered. 

First, the good news. Eligible Americans are set to receive another dose of relief.

Check your bank account. Your $600 stimulus check may be arriving soon.

Tens of millions of Americans facing financial distress from the COVID-19 pandemic will soon have another $600 in stimulus relief hit their bank accounts. President Trump signed into law a $900 billion stimulus relief package that includes a second round of stimulus payments to most Americans, plus the restoration of federal unemployment benefits.

Now, the bad news. The House approved giving Americans $2,000 stimulus checks, but the measure never came to a vote in the Senate. Up until this week, it appeared unlikely payments would be bumped up from $600 to $2,000. (But that could soon change. More on that in a little bit.)

But for now, checks in the amount of up to $600 were sent out to individuals as early as Dec. 29, Treasury Sec. Steven Mnuchin said. Because the IRS and Treasury already have the necessary information, this set of payments is expected to flow faster than the initial round of stimulus checks.

But plenty are questioning: Where is my IRS stimulus check? When will I get my $600? Will I have to pay taxes on my stimulus check? Is the check $600 or $2,000? Where can I access my stimulus check update?

We have all the answers to your questions, including how you can check the status of your $600 stimulus check. Plus, info on the amply requested $2,000 stimulus check. Read on for your stimulus check update and more information on how to get your IRS stimulus check.  

What do I need to do to receive my $600 check?

In most cases, nothing. You should receive your check in a short time.

The U.S. Treasury and Internal Revenue Service said the second set of payments could be distributed more easily because the departments already have the necessary information to process payments. Information includes who qualifies and how they want their money delivered. 

Because of this, payments will be distributed automatically with no action required from eligible individuals. The IRS has already begun sending out second stimulus checks. If you received direct deposit for the first stimulus benefit, you can expect the same for the second benefit check, as well. If you received a physical check last time and did not set up direct deposit, you can expect your check in a week or two. Physical checks were mailed Dec. 30, Treasury Sec. Mnuchin said.

Quick note: If you don’t already have direct deposit set up, it’s too late to make this change.

When will I receive my $600 stimulus?

You may want to check your bank account. Your IRS stimulus check may already be there.

Most will receive payments via direct deposit. But if the IRS doesn’t already have your bank account information, you’ll receive either a paper check or a debit card in the mail. When stimulus checks were approved under the CARES Act, it took about two weeks for payments to land via direct deposit. But many waited much longer.

The IRS has already started sending out second stimulus checks, as of Dec. 29. Physical checks and prepaid debit cards were sent out beginning Dec. 30. If you’re asking “where is my stimulus check,” you can track it through the IRS Get My Payment tool. With this tool, you may confirm that the IRS sent your second stimulus payment, plus your payment type. Information is updated once daily, overnight, so no need to check more than once per day. But this is how you can access your stimulus check update.

If you get a “not available” message, the IRS says you’re either not eligible for a second check, or you are eligible but will not be paid right now. Taxpayers are encouraged to file their taxes early and electronically to get their rebate as quickly as possible. 

Quick note: Should you receive a debit card in the mail, make sure it has Visa on the front and MetaBank as the issuer.

What if I still haven’t received my IRS stimulus check?

Legislation requires the IRS and Treasury to stop sending payments by Jan. 15. That’s only 17 days total from the date the first payments went out to over an estimated 100 million recipients. 

First, the good news. Because the tools were already in place from the first payments, the IRS should be able to deposit this round of funds more quickly. But now, the bad news. With only 17 days to ship payments, little time is left to correct any payment issues. If you are eligible but did not receive your payment, you will have to take additional steps. 

Those who are eligible for the $600 payment who have not yet been sent a payment will be able to claim the amount owed on their federal income tax return. Eligible couples who qualified for $1,200 stimulus checks but did not receive them will also need to claim that money as a tax credit on their federal return. This will lower the tax bill and could possibly trigger a refund. You will file through the IRS’ Recovery Rebate Credit, where you’ll also be able to claim any money owed from the first round of checks, if applicable. 

Those who receive their payment through direct deposit are less likely to be affected. But, you will have to file a claim if there’s any holdup or delay with any of the scheduled stimulus payments.

What if lawmakers up the benefit to $2,000?

The House approved giving Americans $2,000 stimulus checks before the measure stalled in the Senate. Senate Majority Leader Mitch McConnell never approved the measure for a vote. But the possibility of a $2,000 payment has quickly grown. 

With Jon Ossoff and Raphael Warnock unseating two Republican senators in Georgia, the Democratic party now holds control of the Senate, where the measure is more likely to go to a vote. If legislators were to adopt $2,000 economic relief payments, individuals could expect to receive additional payments quickly. 

Payments would be distributed automatically with “no action required for eligible individuals.” Should lawmakers agree to increase the size of individual checks from $600 to $2,000, the Treasury Department says the money issued “will be topped up as quickly as possible.”

We’ll update this with new information if and when a third stimulus check is approved.

How quickly could I see a $2,000 check?

President-elect Joe Biden said that should the Democrats unseat the two incumbent senators in Georgia, “2,000 checks will go out the door … immediately.” Such has since happened with the victories of Jon Ossoff and Raphael Warnock in Georgia’s runoff election.

Biden’s statement is a strong indication that his administration will push for stronger individual payments after his inauguration. Senate Minority Leader Chuck Schumer, expected to become the next Senate majority leader, also backed $2,000 payments. 

It’s unclear how quickly Congress could vote on the payments. Timing is contingent on when the elections in Georgia are certified, which could be delayed by challenges. It’s also unclear whether the vote would be on stand-alone payments, or as a piece of a larger economic relief package.

Would it be $2,000 or a $1,400 boost?

It’s important to note that Biden’s push for “$2,000 stimulus checks” does not make clear whether he’s referring to new payments of $2,000 or $1,400 added to the $600 Americans are currently receiving. A Democratic-controlled Congress will seek to pass an additional $600 billion in coronavirus spending, including other relief benefits. 

But as of right now, there’s no clear definition to what new stimulus payments will look like. If lawmakers were a boost to the second relief payments, the Treasury Department says the money issued “will be topped up as quickly as possible.”

Who gets a $600 stimulus check?

Individual adults with an adjusted gross income up to $75,000 a year on their 2019 tax returns are set to receive a $600 payment. A couple earning up to $150,000 a year is eligible for twice that amount. Additionally, child dependents, ages 16 and under, are eligible for $600. There’s no limit on how many children you can claim for a payment. For reference, an eligible family with two children could receive up to $2,400.

But $600 per person isn’t so simple. It’s the most you and your household could receive. Not all people will receive the full $600 allotment. Individuals earning above $75,000 will receive partial payments, decreasing on a sliding scale. Meaning the size of their check will gradually decrease by $5 for every $100 earned above that threshold. High wage earners with an adjusted gross income above $87,000 will not be receiving stimulus payments.

Who doesn’t get a $600 check?

Adult dependents are left out from receiving any stimulus benefits. Notably, legislators defined this as a dependent aged 17 years or older. This leaves many college students still claimed as a dependent by their parents will not be receiving a $600 stimulus check. It’s estimated that leaves out nearly 13.5 million adult dependents from receiving payments. 

Additionally, anyone individual earning $87,000 or more is not eligible for stimulus benefits. Likewise, a couple earning $174,000 or more is not eligible. Those figures are down from $99,000 and $198,000 in the first benefits package.

Will I pay taxes on my stimulus payment?

No, a stimulus payment doesn’t count as income. Therefore, taxpayers won’t owe taxes on it. Additionally, the payment will not reduce a tax refund or increase the amount a taxpayer owes on their federal income tax. Technically, the stimulus is considered an advance payment of tax credits. Uncle Sam won’t ask to share your stimulus.

However, those who were eligible for either the first or second stimulus payment but did not receive it will be allowed to claim the payment as a tax credit. This will lower the tax bill, which could trigger a refund.

Additionally, the IRS will not take from your stimulus payment if you owe federal taxes. Unlike the first round of payments, the government cannot reduce payments if someone owes past-due child support.

What if I had a child this year? Will I receive $600 for my newborn?

Unfortunately, taxpayers who had children in 2020 will not automatically receive a $600 payment for the newborn. But those individuals may claim credits when they file their federal tax return. 

What if $600 is not enough?

Many Americans have had their wages cut due to unemployment, furloughs, and work reductions. If you need financial help now, you can look to Net Pay Advance.

Net Pay Advance is a licensed short-term lender available in your neighborhood. To help as many people as possible, Net Pay Advance built its business online. Because we’re online, we’re accessible anywhere you are. We have online payday loans available to residents in multiple states where we’re licensed to operate. We’re ready to help you.

Net Pay Advance is a licensed loan provider, locally owned and operated in Wichita, Kansas. Our No. 1 priority is helping you, the customer, by providing access to the cash you need and helping support financial independence goals with valuable, informational, and entertaining content. Stay up-to-date on our posts by following the Net Pay Advance Facebook, Instagram, and Twitter pages. Our organization is committed to transparency; learn more about our authors and editorial policy. The information provided within this blog is for educational purposes only and should not be construed as financial or legal advice. Please contact us if you have any questions.

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