- Stimulus checks worth up to $600 for individuals and $1,200 for married couples will soon be on the way.
- Congress authorized the one-time cash payments through new legislation approved Monday that's currently awaiting President Trump's signature.
- Americans will get their second stimulus check the same way they received the first — either by direct deposit, paper check, or debit card.
- The IRS is using information from tax returns, federal benefits accounts, and its online economic impact payment tool to pay most people by mid-January.
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On Monday, Congress approved a bipartisan coronavirus stimulus package that includes a second round of stimulus checks.
The legislation is now awaiting President Trump's signature. If all goes according to plan, Americans will start receiving the payments as soon as December 31, Business Insider's Joseph Zeballos-Roig reported. Most people will get theirs by mid-January.
Qualifying Americans who are single tax filers will receive up to $600 each and married joint filers will receive up to $1,200 — plus $600 for each child dependent.
Keep in mind that the money is not taxable as income and won't affect any tax refund or federal benefits you're entitled to.
How will I get my second stimulus check?
You'll likely receive your second stimulus check the same way you received the first — either by direct deposit, paper check, or debit card.
Direct deposit is the fastest method of delivery, but debit cards make the money more widely available, primarily to households without a bank account.
Rep. Kevin Brady, the top Republican on the House Ways and Means Committee, tweeted on Tuesday that direct deposits should hit bank accounts by December 31. Paper checks and debit cards will be sent on a rolling basis, he said, with most arriving by January 15.
People who receive federal benefits will get their stimulus check the same way they typically receive benefits.
If you've recently moved and are expecting a paper check or debit card loaded with your stimulus payment, make sure to update your address with the US Postal Service.
Will I get a second stimulus check?
To get a payment, you must have a Social Security number. If you're married to someone who doesn't have a Social Security number and file taxes jointly, you're still eligible.
Adult dependents, including some seniors and college students whose parents pay more than half of their expenses, are not eligible for a stimulus check.
If you filed taxes in 2018 or 2019, the most recent tax return must reflect an adjusted gross income (AGI) below $75,000 as a single filer, $112,500 as a head of household, and $150,000 as a married filer to get a $600 stimulus check.
If your AGI falls within the following ranges, you will get a reduced amount:
- Single filers: Between $75,000 and $87,000
- Heads of household: Between $112,500 and $124,500
- Married joint filers: Between $150,000 and $174,000
If you don't file taxes because your income is too low, you'll get the maximum payment of $600 per adult and $600 per child dependent.
If you receive federal benefits such as Social Security retirement or disability benefits, Supplemental Security Income (SSI), or Veterans Affairs benefits, the IRS will use this information to determine your payment amount and method of delivery.
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