Stimulus Check May Already Be In Your Bank Account

If you're waiting for that $600 stimulus money from the United States government, you might be in luck. Some citizens have reported that direct deposit cash has already been sent as part of the latest stimulus round for our ongoing global pandemic for COVID-19. If you got a check by mail earlier this year, chances are you'll get a check by mail again later this week or at some point early next week.

The second Economic Impact Payment is arriving in inboxes and bank accounts as of this week. This payment is also known as "EIP 2" and is "generally $600 for singles and $1,200 for married couples filing joint return," according to the IRS. If you filed a 2019 tax return, receive Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits as well as Supplemental Security Income (SSI) and Veterans Affairs beneficiaries who didn't file a tax return, are all set to receive payments automatically.

If you received the first round of economic impact payment cash earlier this year, you'll automatically receive the second payment. Per the IRS, "Generally, U.S. citizens and resident aliens who are not eligible to be claimed as a dependent on someone else's income tax return are eligible for this second payment."

Payments are approximately $600 per person, $1,200 for a married couple, and up to $600 for each qualifying child (to the parent(s) or guardian(s) of the dependent). This is the max amount you'll receive if you earned under a certain amount of income in the 2019 tax year. Generally, said the IRS, "if you have an adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses," you'll receive the full amount for EIP 2.

If you'd like to check your IRS EIP 2 payment status, you're going to have to wait a minute. "Later this week," said the IRS on December 30, 2020, "you may check the status of your payment at the Get My Payment website. Right now that site, leads back to the IRS coronavirus information page – but they've suggested it'll work soon!

If you do not have a payment yet, don't panic! The IRS is sending out payments now, and you'll likely have yours (depending on your tax payment situation) may be headed your way right this minute.