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Taxes

Treasury Says Some Stimulus Checks Could Arrive As Soon As Tonight

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Congress may still be debating the size of additional checks, but Treasury is already taking action to deliver a second round of Economic Impact Payments (EIPs, or stimulus checks). This second round of checks is part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, passed by Congress last week and signed into law by President Trump on Sunday night.

According to the Treasury Department, checks will begin to be direct deposited into accounts, arriving as early as tonight (Tuesday, December 29) for some. Direct deposit payments will continue into next week. 

Taxpayers expecting paper checks won’t have to wait as long as last time: paper checks will begin to be mailed tomorrow, Wednesday, December 30.  

“Treasury and the IRS are working with unprecedented speed to issue a second round of Economic Impact Payments to eligible Americans and their families,” said Secretary Steven T. Mnuchin. “These payments are an integral part of our commitment to providing vital additional economic relief to the American people during this unprecedented time.” 

Who Is Eligible?

Eligible individuals will receive checks of up to $600 for individuals ($1200 for married couples) and up to $600 for each qualifying child. The amount of the checks would start to phaseout for those earning more than $75,000 ($150,000 for joint returns and $112,500 for heads of household).

MORE FOR YOU

You can find out more about phaseouts and eligibility here. Additional information is also available on the Internal Revenue Service (IRS) website at IRS.gov/EIP.

No Additional Action Needed

As before, you don’t have to take any action to receive your checks: this second round of payments will be distributed automatically. 

What Comes Next?

Later this week, you can check on the status of your payment on the IRS website at IRS.gov/GetMyPayment

As for those ongoing discussions to boost the check totals to $2,000 per person? Treasury says that if additional legislation is passed, EIPs that have been issued will be topped up as quickly as possible.

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MORE FROM FORBESAll You Need To Know About Round Two Of Covid-Related Stimulus Checks

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